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Motorola sells automotive electronics business for $1B

Posted: 06 Jul 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Motorola? automotive electronics business? Continental AG?

Motorola Inc. announced that it has completed the sale of its automotive electronics business to Continental AG, an automotive supplier, for approximately $1 billion.

Early this week, the former Motorola automotive unit began operating as Continental; however the assets and employees of the business in China will be transferred following the satisfaction of certain regulatory and other customary closing conditions.

In connection with the sale, the financial results of the automotive electronics business will be presented in accordance with Generally Accepted Accounting Principles (GAAP) as a discontinued operation in the company's Q2 results, to be released on July 19. The reported sales in the earnings release to be issued for periods of 2006 and 2005 will exclude sales of this business, which has had sales of approximately $400 million per quarter from Q1 2005 through Q1 2006.

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