3M announced Friday that its board of directors had approved the planned spin-off of its health care business, which will be known as Solventum Corporation.
The company is anticipated to spin off from 3M on April 1, and has applied to list on the New York Stock Exchange as "SOLV."
As outlined in the Form 10, Solventum will be a global healthcare company with $8.2 billion in revenue in 2023. Solventum will serve an approximate $93 billion global addressable market anticipated to grow at 4%-6% through 2026.
The company will be organized into four operating business segments, including:
- Medical Surgical (MedSurg): A provider of wound care and surgical solutions intended to accelerate healing and prevent complications.
- Dental Solutions: A provider of dental prevention and procedure solutions and orthodontic solutions intended to promote lifelong oral health.
- Health Information Systems: A provider of software solutions powered by clinical intelligence that are intended to create time for clinicians to care for patients and ensure accuracy in health care reimbursement.
- Purification & Filtration: A provider of filters and membranes intended for life-saving biopharmaceuticals, vaccines, and medical treatments.
Solventum will have more than 20,000 employees led by CEO Bryan Hanson, CFO Wayde McMillan and Board Chair Carrie Cox.
Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. The distribution is expected to occur prior to the opening of trading on April 1, 2024, subject to the satisfaction of remaining conditions.
