said it plans to acquire
automotive-electronics business for roughly $1 billion in cash.
The transaction includes Motorola's controls, sensor, interior electronics and telematics businesses. The acquired business will be integrated into Continental's Automotive Systems division. The companies expect to close the transaction in the first half of this year.
Motorola's automotive unit employs nearly 4,500 workers, of which about 80% are based in North America. The operation has manufacturing facilities and development engineering centers in North America, Japan, China, Mexico, France, the U.K. and Germany.
Some of its biggest customers include
Shares of Motorola were higher by 53 cents, or 2.3%, at $23.44.