Motorola, which has struggled to come up with a profitable successor to its well received Razr line of cell phones, said Thursday it was considering the possibility of selling its mobile devices unit in an effort to strengthen the company.

The Schaumberg, Illinois-based company said in a statement that it is exploring the structural and strategic realignment of its business to enhance shareholder value.

The company's alternatives may include the separation of Mobile Devices from its other businesses in order to permit each business to grow and better serve its customers, the company said.

Motorola has been under pressure for more than a year by activist investor Carl Icahn, who owns 3.3 percent of the firm, to break up the company.

For many months I have been publicly advocating the separation of Mobile Devices from Motorola's other business and I am pleased to see that Motorola is finally exploring that proposal, Icahn said in a statement.

Motorola said it won't discuss the alternatives until its Board of Directors approves a definitive transaction or the process is otherwise complete.

Shares of Motorola initially cropped but ended the day higher, rising 22 cents, or 1.95 percent to $11.51.

Motorola shares have lost more than half of their value since October of 2006 when they reached $26.20.