Motorola said Thursday it is exploring a realignment of its businesses in order to boost its struggling cell-phone business, which has fallen...

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Motorola said Thursday it is exploring a realignment of its businesses in order to boost its struggling cell-phone business, which has fallen on hard times after a two-year run of success with the Razr.

The announcement after the stock market closed came amid speculation that the Schaumburg-based company may sell or spin off the cell-phone unit after more than a year of dismal results and declining market share.

The company’s other two businesses are the home and networks segment, which sells TV set-top boxes and modems, and enterprise mobility solutions, which sells computing and communications equipment to businesses.

Motorola said in a statement that separating the mobile devices business would “permit each business to grow and better serve its customers.”

The announcement brought after-hours trading in its stock to a halt. Shares rose 21 cents to $11.50 in the normal trading session — down 28 percent in 2008.