3M’s Health Care Business Solventum Completes Spin-Off

3M’s Health Care Business Solventum Completes Spin-Off. Image credit: © Solventum

3M has successfully completed the planned spin-off of its health care business, giving rise to Solventum Corporation as an independent entity. Solventum, with the ticker symbol SOLV, is now listed on the New York Stock Exchange.

Mike Roman, the Chairman and CEO of 3M, expressed his enthusiasm in a press release, stating, "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." He highlighted the strategic positioning of both companies to pursue tailored growth and capital allocation plans, emphasizing their commitment to innovation and value creation for stakeholders.

Under the terms of the spin-off, holders of 3M common stock received 1 share of Solventum common stock for every 4 shares of 3M common stock held at the close of business on March 18, 2024, which served as the record date for the distribution. Notably, for United States federal income tax purposes, the distribution is generally intended to be tax-free to 3M shareholders, according to the press release.

Additionally, 3M has retained 19.9% of the outstanding shares of Solventum common stock, with plans to monetize this stake within 5 years following the spin-off. To learn more, visit the website here.