Motorola to sell auto unit for $1 billion
Motorola to sell auto unit for $1 billionE-mail | Print | | Disable live quotes By Jeffry Bartash, MarketWatch
Last Update: 10:55 AM ET Apr 3, 2006
WASHINGTON (MarketWatch) -- Motorola Inc. said Monday it will sell its automotive-electronics unit to Continental AG for $1 billion in cash, a move that would enable the world's No. 2 maker of wireless phones to focus almost exclusively on communications technology.
Continental AG, based in Hanover, Germany, is a large manufacturer of tires, but the company has also been expanding into the automotive-electronics business. Continental recently acquired a controlling interest in Temic, the auto-electronics arm of DaimlerChrysler.
Last year, the auto business generated only a fraction of Motorola's $36.8 billion in sales. Analysts estimate that auto-electronic sales totaled about $1.6 billion in 2005.
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