Motorola issued at statement late today that indicated it is exploring options for the future of its handset division. Those options include spinning off or selling the handset business altogether, so that the company can separate its businesses and recover about $20 billion in shareholder value. The company has been besieged by lost market share, discontented shareholders, and plummeting profits over the course of the last year as it struggles to bring popular handsets to market. Motorola’s handset business represents nearly half of its $36 billion in revenue.

Motorola also makes and sells set top boxes for cable TV systems, WiMax and Wi-Fi backhaul equipment, ruggedized enterprise computing systems and two-way radios for first responders. Motorola reiterated that nothing concrete has been decided and that the entire company is not for sale. It is only researching the best way to move forward with its handset business at this time.