3M announced today that it selected William M. Brown to succeed Mike Roman as CEO. Brown’s appointment to the corner office goes into effect on May 1, 2024. Roman will shift to the role of executive chair of 3M’s board of directors with the same effective date. “Bill’s strong track record as a CEO for […]
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3M board approves Solventum healthcare spinoff
3M announced last week that its board of directors approved the planned spinoff of Solventum, its Health Care business. Board approval further solidifies the company’s previously announced intent to spin Solventum into a standalone company on April 1. The St. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care unit in […]
3M to spin off Solventum Health Care unit on April 1
3M announced today that it filed an SEC Form 10 to set the planned spinoff of its Solventum Health Care business for April 1. The St. Paul, Minnesota-based medtech company 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 […]
Layoffs in medtech: These companies recently reduced their workforce
The workforce reduction trend has swept the economy recently, and unfortunately, the medtech space is not immune to layoffs. You’ve probably read about the ongoing layoffs sweeping the tech industry, media and more. For instance, Yahoo, Disney, Zoom and more all reported workforce reductions as companies across industries grapple with economic pressures. Think inflation, supply […]
3M could reportedly raise up to $12 billion from Solventum spinoff
3M stands to make billions of dollars from spinning off its Health Care business into a new company called Solventum, according to a Star Tribune of Minneapolis report. The newspaper’s report cited a Fitch Ratings report, which said the up to $12 billion from the Solventum spinoff would come in over the next five years. […]
3M says Health Care spinoff still on track
3M stock was down this morning after the company’s 2024 earnings forecast failed to meet expectations. The Maplewood, Minnesota–based manufacturing giant also said it remains on track to spin off 3M Health Care as a new company called Solventum during the year’s first half. “The spin is on track to be completed in the first […]
3M picks former NuVasive CEO as president of Medical Solutions
3M announced that it named Chris Barry EVP and group president of its Medical Solutions Division. Medical Solutions exists within the 3M Health Care business group. 3M expects to spin off its Health Care business in the first half of this year, after which point it will operate under the name “Solventum.” Barry, the former […]
3M wins $34.2M contract to develop wound care solutions
3M Health Care announced that its Medical Solutions Division received a $34.2 million award from the U.S. Army Medical Research Acquisition Activity. The award enables 3M to develop a range of new solutions for infection prevention, wound management and wound healing. St. Paul, Minnesota-based 3M plans to lead a program focused on treatment strategies for […]
BD hires new chief medical officer from 3M Health Care
Becton, Dickinson & Co. today named Dr. Ronald “Ron” Silverman as EVP and chief medical officer. He replaces BD Chief Medical Officer Dr. William Sigmund, who announced plans to retire from BD earlier this year. The change takes effect Dec. 4, 2023. Silverman comes from 3M Health Care, where he served as SVP and chief medical […]
3M has a name for its healthcare business spinoff
3M today announced a name for its healthcare business spinoff, which the manufacturing giant expects to complete during the first half of 2024. What has been 3M Health Care will now be called Solventum. Here’s how 3M explained the name in its news release: “Solventum originates from two words: ‘solving’ and ‘momentum.’ ‘Solving’ captures the […]
3M Health Care Group president is leaving ahead of spinoff
3M announced today that Jeff Lavers, group president of its Health Care Business Group, intends to depart the company. The departure of Lavers — which goes into effect on Dec. 1 — arrives in conjunction with the company’s planned Health Care spinoff. 3M said last month that it expects to complete that spinoff in early […]