After nearly two years of falling market share in the mobile handset business, Motorola (NYSE: MOT)'s board today said that is would explore selling or otherwise disposing of its largest unit. "We are exploring ways in which our mobile devices business can accelerate its recovery and retain and attract talent while enabling our shareholders to realize the value of this great franchise," Chief Executive Greg Brown said in the company's statement.

Motorola's popular Razr model lifted its global share to about 22%, but that was two years ago. In the latest quarter, the company only shipped 40 million handsets, about 12% of the market. The US company has been handed a beating by Nokia (NYSE: NOK), Samsung, and Sony Ericsson.

Without handsets, Motorola would be a much smaller but more profitable business. Its set-top box, enterprise, and government telecom operations all make money.

It would have been nice to sell-off the cell phone operation when it had some real value. Now, it is too late for that.

Douglas A. McIntyre is an editor at 247wallst.com.