Under Woodside, Motorola released two new smartphones last year, the Moto X and Moto G. The phones attracted lots of headlines, but didn't sell as well as anticipated, analysts say. Lenovo executives also said they aren't planning to lay off any more Motorola employees and that the subsidiary would remain based in its current headquarters in Libertyville, Illinois. "We buy this business, we buy this team as our treasure," Lenovo CEO Yang Yuanqing said during a Wednesday conference call. Google is retaining most of Motorola's portfolio of mobile patents, providing the company with legal protection for its widely used Android software for smartphones and tablet computers. Gaining control of Motorola's patents was the main reason Google CEO Larry Page decided to pay so much for Motorola Mobility at a time the smartphone maker was already losing money and market share.