Solventum (NYSE:SOLV) announced today that it completed the sale of its Purification & Filtration (P&F) business to Thermo Fisher Scientific (NYSE:TMO).
St. Paul, Minnesota–based Solventum — formerly 3M’s Medical unit — agreed to sell the business to Thermo Fisher for $4.1 billion in February. The company expects net proceeds of $3.4 billion from the deal. It plans to use those proceeds primarily to pay down outstanding debt, as outlined in recent tender offers.
Solventum’s Purification and Filtration business provides technologies for the production of medtech and other biologic and industrial applications. In 2024, the business generated approximately $1 billion in revenue.
With the deal completed, Solventum updated its 2025 guidance to reflect the partial-year accretion of its accelerated divestiture. It expects no change in organic sales growth, projected for between 2% and 3%. The company increased its adjusted EPS range for between $5.88 and $6.03, rising from $5.80 to $5.95. Solventum expects no change in free cash flow, forecasting between $450 million and $550 million.
Following the closing of the deal, the company plans to provide transitional services and perform certain manufacturing and distribution activities on behalf of Thermo Fisher.
The closing of the sale comes nearly a month after Solventum announced Street-beating Q2 results.
“Completing the transaction is an important milestone in Solventum’s three-phased transformation plan and positions us well to advance our capital allocation strategy as we reduce leverage and strengthen our balance sheet with enhanced flexibility to invest in organic and inorganic growth opportunities,” said Bryan Hanson, CEO of Solventum. “Looking ahead, we remain focused on strategic execution, ensuring we deliver even greater value to our customers, team members and investors.”
