3M
(NYSE: MMM)
announced today that it completed the spinoff of its Solventum healthcare business as a standalone company.
Following the completion of the spinoff, Solventum is now listed on the New York Stock Exchange under the “SOLV” ticker.
The 3M board approved the spinoff in March, confirming the effective date for today, April 1. The St. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care unit in June 2022. It named the standalone company, which generates more than $8 billion in annual revenue, “Solventum” in November 2023.
Solventum will have more than 20,000 employees, led by former Zimmer Biomet CEO Bryan Hanson as its CEO. The company also landed former Insulet CFO Wayde McMillan as he takes over the same post. Carrie Cox will serve as board chair and former NuVasive CEO Christopher Barry is the new President of Medical Solutions.
Following the spinoff, holders of 3M common stock received one share of Solventum stock for every four shares of 3M stock held at the close of business on March 18, 2024. 3M retained 19.9% of the outstanding shares of Solventum common stock. It plans to monetize this stake within five years following the spin.
“This is an important day for 3M and Solventum, and I extend my sincere congratulations to members of both teams who have made this possible,” said Mike Roman, 3M chair and CEO. “Both companies are positioned to pursue their respective growth and tailored capital allocation plans, and I am excited to see both companies succeed as they innovate new solutions and create value for their respective stakeholders.”
