3M, a manufacturing giant listed on the New York Stock Exchange under the ticker symbol (NYSE: MMM), announced the completion of the spinoff of its Solventum healthcare business as a standalone company. This move was approved by the 3M board in March and the effective date was set for April 1. The company first revealed plans to spin off its Health Care unit in June 2022 and named the new company “Solventum” in November 2023. With an annual revenue of over $8 billion, Solventum now trades under the ticker symbol “SOLV” on the NYSE.
Solventum, now an independent entity, has over 20,000 employees and is led by former Zimmer Biomet CEO Bryan Hanson as its CEO. Wayde McMillan, the former Insulet CFO, has joined the company as the CFO, while Carrie Cox serves as board chair and Christopher Barry as the President of Medical Solutions. The leadership team outlined their plans to create value for investors at an event in March.
After the spinoff, holders of 3M common stock received one share of Solventum stock for every four shares of 3M stock held as of the business close on March 18, 2024. 3M retained 19.9% of the outstanding shares of Solventum common stock and plans to sell off this stake within five years. The chairman and CEO of 3M, Mike Roman, expressed excitement for both companies’ growth strategies and their ability to create value for stakeholders in their respective futures.
