9% stake in the new company. , April 1, 2024 /PRNewswire/ -- Today, 3M completed the planned spin-off of its health care business, which formally launches Solventum Corporation as an independent company. 1 as CEO of the Health Care Business Group. New 3M, with $26. officially launched Monday and started trading on the New York Stock Exchange. The healthcare division saw its sales fall by 5. The spun-off entity will become a standalone Apr 1, 2024 · Shares of the 3M healthcare spinoff are now trading. Don MacKinnon via Getty Images. of $2. February 21, 2024 By Sean Whooley. 9% in Health Care, which will be monetized over time. (RTTNews) - 3M (MMM) said that its board has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. , July 26, 2022 /PRNewswire/ -- 3M (NYSE: MMM) today announced its intent to spin off its Health Care business, resulting in two world-class public companies well positioned to pursue their respective growth plans. Jul 26, 2022 · 3M Co. Jul 26, 2022 · 3M plans to spin off its $8. 3M ( MMM) is in the midst of spinning off its healthcare business, and the stock is set to go public on April 1. 6 billion health care business, a move meant to sharpen its focus and boost profitability. 6% from the same time last year. 3M's board of directors has approved a spin-off of the company's health care business, with the official split of the faster-growing segment set for early next month. Following the intended spin-off, 3M shareholders as of the record date for the distribution, March 18, 2024, will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock through the distribution of 80. Hanson as Chief Executive Officer of the independent health care company when it is spun off from 3M. announced in July that it would spin off its health care division, the maker of products related to wound care, oral care, health care information technology and tiny filters used in the Jul 26, 2022 · 3M said on Tuesday that it would spin off its health care business into a separate publicly traded company. 21, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced the filing of a Form 10 registration statement with the U Jul 27, 2022 · Jul 27, 2022. SOURCE 3M Company. The Apr 30, 2024 · 3M retained 19. 3M's health care spinoff will be known as Solventum Oct 14, 2023 · Amid all of this, 3M is planning to spin off its healthcare division. 8% year-0ver-year to $2. The St. The spinoff Feb 21, 2024 · Solventum anticipated to spin off from 3M on April 1, 2024. -based Nov 16, 2023 · MMM +0. Minnesota-based American manufacturing conglomerate 3M announced on July 26 that it will spin off 3M medical into a publicly traded company. Securities and Exchange Commission (SEC) for the planned spin-off of its Health Care business as the Mar 19, 2024 · PAUL, Minn. Solventum, the spinoff's name, will employ more Apr 1, 2024 · 3M spun off its health care division Monday morning, saying goodbye to an operation of 20,000 employees and $8 billion in revenue, a quarter of the company's total sales. The new 3M company will still offer industrial and consumer end products like office supplies. Jul 26, 2022 · 3M announced the spin-off at the same time as its second-quarter earnings. /PRNewswire/ -- Today, 3M completed the planned spin-off of its health care business, which formally Mar 8, 2024 · 3M's board of directors has approved a spin-off of the company's health care business, with the official split of the faster-growing segment set for early next month. The Maplewood-based company has $8. 42. Paul . 9 52 Week High 108. Nov 30, 2023 · 3M recently revealed that Solventum is the name of its new planned, independent healthcare spin-off company. To learn more, view the press release on 3M's News Center. This will be in the top three spins in medical device history,” said Bryan Hanson, a veteran medtech Mar 11, 2024 · 3M Compan y’s MMM board has approved the planned spin-off of its health care business into a separate public company. " During today's event, Solventum chief 3M Compan y’s MMM board has approved the planned spin-off of its health care business into a separate public company. 96 a share at midday. 16, 2023 /PRNewswire/ -- 3M (NYSE: MMM) today announced Solventum will be the name of the planned, independent health care company following its spin-off. " Sep 5, 2022 · 3M Co. The business will continue its focus on key markets, including wound care, healthcare IT, oral care, filtration, and purification, which collectively generated $8. 6 billion in sales in 2021, will concentrate on healthcare IT, wound care, oral care Apr 1, 2024 · The 3M board approved the spinoff in March, confirming the effective date for today, April 1. 44 52 Week Low 82. plans to spin out its healthcare business by the end of 2023, splitting from its material science products, the company announced on Tuesday. 8, 2024, 10:57 PM. The spun-off entity will become a standalone company and be renamed as Jul 26, 2022 · Published July 26, 2022. " Mar 19, 2024 · The number of shares of 3M common stock that you own will not change as a result of the spin-off. Nov 17, 2023 · Healthcare, which makes products for wound care, oral care, healthcare information technology and filtration, accounts for about a quarter of 3M sales, but the company said last year it would spin The spinoff of the healthcare unit will help 3M simplify its corporate structure as it sorts out a path forward: The heath care unit made $8. The spun-off entity will become a standalone company and be renamed as 3M is a conglomerate and with the spin-off of its healthcare segment, the company will be even more sensitive to cyclical forces, which seems to explain most of the reason for management's Jul 26, 2022 · On Tuesday, Maplewood-based 3M said it will "spin off" its health care business, which the company said totaled $8. Sep 1, 2022 · ST. 59% said it would spin off its healthcare business as a public company and sought bankruptcy protection for a subsidiary that once produced military earplugs that thousands of Feb 21, 2024 · Solventum anticipated to spin off from 3M on April 1, 2024. 6 billion in sales in 2021. 3M Media Contact: Sean Lynch. 3M's Health Care Business will continue to focus on markets such as: wound care, health care IT, oral care, filtration and purification, which resulted in $8. Exhibit 99. The money Jul 26, 2022 · 3M will spin off its healthcare unit - which accounted for about 25% of $35. 3M Company MMM has chosen Bryan C. 1% Apr 1, 2024 · Apr 1, 2024 • 6:30 AM EDT Download as PDF. Under the agreement, 3M will commit $10. Additionally, New 3M expects to retain a stake of 19. By pioneering game-changing innovations at the intersection of health, material and data science, Solventum is advancing solutions that change patients Mar 19, 2024 · The number of shares of 3M common stock that you own will not change as a result of the spin-off. 00 Feb 21, 2024 · 3M (NYSE: MMM) today announced the filing of a Form 10 registration statement with the U. 3M Announces Plans to Create Long Term Value Through Spin-Off of Health Care Business. announced Tuesday it will spin off its $8. 93% . 6% for Story by Ben Glickman. Minnesota's newest public company will make its debut April 1, nearly two years after 3M first announced it would spin off its health care Apr 1, 2024 · BELOW: Watch KARE 11's June 2023 report on the impact of the 3M settlement on Minnesota. PAUL, Minn. Shares of Solventum ( SOLV) have started trading today after a spinoff by 3M announced Monday that it had completed the spin-off of its health care business into the independent, publicly-traded company Solventum, which likely qualifies as its own Fortune 500 company Nov 27, 2023 · Until the spin-off, the Health Care Business continues to be part of 3M and governed by the policies and procedures of 3M. The intrigue: We don't yet know where the new, yet unnamed, company will be located. 48/share beats est. , March 8, 2024 / PRNewswire / -- 3M (NYSE: MMM) today announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. Feb 21, 2024 · Solventum anticipated to spin off from 3M on April 1, 2024. It accounts for about a quarter of the company's annual sales. 3M Resolves Public Water Supplier and Combat Arms Earplugs Litigation Apr 5, 2024 · 3M has successfully completed the planned spin-off of its health care business, giving rise to Solventum Corporation as an independent entity. This had a lot to do with Sep 1, 2022 · In a separate statement on July 26, 2022, 3M announced its intent to spin off its Health Care business, resulting in two world-class, public companies well positioned to pursue their respective growth plans. Paul, Minn. May 9, 2024 · Solventum, the spinoff of 3M's health care business, is starting out as Minnesota's newest public company with a heavy debt load and stagnant sales. plans to spin off its multibillion-dollar health care operations, a move that could leave the manufacturer flush with cash as it copes with shifting economic currents that have sapped its Aug 1, 2022 · United States. , July 26, 2022 / PRNewswire / -- 3M (NYSE: MMM) today announced its intent to spin off its Health Care business, resulting in two world-class public companies well positioned to pursue their respective growth plans. 3M Health Care sales were down 4. com. 3M Co. 9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. 4 billion in sales in 2022. Solventum originates from two words: “solving” and “momentum,” the company said in a Nov. , Aug. The standalone company will include 3M’s wound care, dental, health IT 3M to Spin off Healthcare Unit as Solventum Corp, Effective April 1st. 3M intends the transaction to be a tax-free spinoff into a standalone publicly-traded company. 3M's Health Care Business will continue to focus on markets such as Jul 26, 2022 · 3M Co. A website with further information Apr 1, 2024 · 3M completed the spinoff of its health care unit, called Solventum, which began trading on the New York Stock Exchange and entered the S&P 500 Monday. 3M plans to spin out its healthcare business by the end of 2023. 5x EBITDA and to be positioned for rapid deleveraging. The spun-off entity will become a standalone company and be renamed as Mar 8, 2024 · 3M’s board of directors has approved a spin-off of the company’s health care business, with the official split of the faster-growing segment set for early next month. Solventum Corporation's financial reporting will differ from the basis of presentation used by 3M for the Health Care segment. I n a significant strategic move, 3M’s board of directors has given the green light for the spinoff of its healthcare 3M Compan y’s MMM board has approved the planned spin-off of its health care business into a separate public company. 3M (NYSE: MMM) believes science helps create a brighter world for Jul 26, 2022 · Q2 profit of $2. Sales fell from $8. " New 3M will Jan 24, 2024 · 9. Securities and Exchange Commission (SEC) for the planned spin-off of its Health Care business as the newly independent health care company Solventum. 2 3 a2022q2-8kgalaxyexx992. Mike Roman, the Chairman and CEO of 3M, expressed his enthusiasm in a press release, stating, "This is an important Nov 16, 2023 · 3M Co. 21, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced the filing of a Form 10 registration statement with the U. 0x – 3. MMM -0. 6 billion of sales in 2021. htm EX-99. 35 to $9. 7 billion for 2022 — down, but less than analysts Nov 16, 2023 · Until the spin-off, the Health Care Business continues to be part of 3M and governed by the policies and procedures of 3M. MMM, said Tuesday it will spin off its health care business to create two public companies to pursue their growth plans. $101. Mar 8, 2024 · Mar. Hanson comes to 3M from Zimmer Biomet, a global MedTech innovator with annual revenue of more than $7 billion. 3M said on Tuesday that it would spin Aug 31, 2023 · The healthcare spin-off will retain the product portfolio which generated $8. 3M previously stated that its Health Care unit produced annual revenues of approximately $8 billion, so Mar 19, 2024 · Healthcare investors will soon get a new stock they can invest in. 3 billion over 13 years toward PFAS remediation efforts. 21, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced the filing of a Form 10 registration statement with the U Apr 12, 2023 · 3M’s healthcare business may not keep its headquarters in Minnesota after being spun off into a separate company by the end of the year, the Star Tribune reported Wednesday. Hanson as chief executive officer (CEO) to lead the healthcare business when it is spun off. 90. ”. " Jul 27, 2022 · 3M Inc. 48 per share earnings, down from last year’s $2. The new company will Feb 21, 2024 · 3M to spin off Solventum Health Care unit on April 1. 43 Day High 101. , March 19, 2024 / PRNewswire / -- Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). slynch2@mmm. 75, compared with the current FactSet EPS consensus of $9. 00% Open 100. Meanwhile, the healthcare division, which reported about $8. The company started trading on the New York Stock Exchange under the ticker SOLV and was quoted at $67. 08 Mar 11, 2024 · 3M Company’s (MMM Quick Quote MMM - Free Report) board has approved the planned spin-off of its health care business into a separate public company. • New 3M will remain a leading global material science innovator serving diverse end markets, with science and technology, manufacturing, global capabilities, and iconic brands Jul 26, 2022 · Health Care is currently expected to be spun off with net leverage of approximately 3. The news: 3M will spin off its healthcare business and keep its material science innovator. federal income tax purposes. FLS. While not a complete breakup like those proposed by industrial peers General Mar 19, 2024 · PAUL, Minn. The company announced the plan to separate its healthcare business in July 2022, at which time it aimed to complete the split by the end of 2023. The spin-off is intended to be tax-free for U. 3M’s board of directors has approved a spin-off of the company’s health care business, with the official split of the faster-growing segment set for early next Mar 8, 2024 · Join SI Premium – FREE. N) on Tuesday disclosed plans to spin off its healthcare business into a listed company, joining a raft of U. Jul 26, 2022 · 3M said it will “spin off” its health care business, which the company said totaled $8. , Feb. The name captures the essence of the company’s commitment to finding The company (MMM) expects 2024 adjusted earnings per share of $9. S. 9 billion last year to $8. 8 billion in sales in FY21 Apr 1, 2024 · Dive Brief: 3M completed a spinoff of its healthcare business, Solventum, on Monday. 9% stake in the healthcare company, which may be divested over time. , Nov. " During today's event, Solventum chief Mar 8, 2024 · PAUL, Minn. 3M. Net sales weighed in at $8. The company is a global healthcare company with a broad portfolio of solutions and Apr 1, 2024 · Nearly two years after 3M announced plans to spin off its health care business, the new Solventum Corp. 3M today announced the appointment of Bryan C. The new 3M will be a global material science company with a range of Mar 11, 2024 · 3M Compan y’s MMM board has approved the planned spin-off of its health care business into a separate public company. , March 8, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Feb 21, 2024 · February 21, 2024. 8bn in sales over 2021. 22, 2023 / PRNewswire / -- 3M (NYSE: MMM) today announced the appointment of Bryan C. Post-spin-off, 3M will continue as a leading global material science innovator, while the new stand-alone business will seek to become a global diversified healthcare company focused on wound Jul 26, 2022 · 3M Co. The health care business makes things like bandages and dental supplies. Solventum is listed on the New York Stock Exchange as SOLV. EX-99. 35 billion in sales last year - into a public company. 3M (NYSE: MMM) +. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care Jul 27, 2022 · Material science company 3M will build a spin off of its Health Care business, to create a global healthcare technology company with a focus on biopharma filtration and technology. Document. 2 billion in revenue last year. "3M Completes Spin-off of Solventum. “This is not a small business. Apr 1, 2024 · ST PAUL, Minn. 75 per share earnings. 3M provided an update on the plan as it presented its third-quarter results. The company is anticipated to spin off from 3M on April 1, 2024, and has applied to list on the New York Stock Exchange as "SOLV. 16 press statement announcing the spin-off’s new name. July 26 (Reuters) - 3M Co (MMM. The company is Minnesota's newest public company will make its debut April 1, nearly two years after 3M first announced it would spin off its health care business. S Jul 26, 2022 · ST. This has been viewed as a crown jewel, with higher growth prospects than the rest of its business. The company revealed that this will Aug 22, 2023 · PAUL, Minn. , March 19, 2024 /PRNewswire/ -- Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). Known as Solventum, the spin-off will continue operating from 3M’s Maplewood headquarters Jul 26, 2022 · Separately, 3M announced its intent to spin off its Health Care business, resulting in two public companies pursuing their respective growth plans. ST. 6 billion in sales last year, nearly a quarter of 3M's Mar 8, 2024 · By Ben Glickman. Related: 3M to establish $1 billion trust for legal claims over ‘defective Feb 21, 2024 · The 3M spinoff health care business will debut April 1. 3M (NYSE: MMM) today announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation Mar 8, 2024 · ST. Solventum will continue to focus on would care, health care IT, oral care, filtration, and purification, which resulted in $8. 3M is a leading global material science innovator which had US$26. Hanson will join 3M on September 1 as CEO of the Health Care Business Group. 3M ’s plan to spin off its health care business will come to fruition on April 1. The company’s net income fell by nearly half compared to the same quarter the year prior. The new company will sell 3M’s medical devices, including its stethoscopes, IV port protectors and negative pressure wound therapy Aug 23, 2023 · GHM. 075 billion for the Nov 16, 2023 · 3M announced a new name and brand for its health care division, which it plans to spin off into a separate company by the middle of next year. companies have been breaking up their businesses amid a Apr 1, 2024 · Eric Herron. The spun-off entity will become a standalone company and be renamed as Jul 26, 2022 · ST. 3M’s major healthcare spin-off will keep a sizable presence in Minnesota under the new name Solventum, which represents the combination of the words “solving” and “momentum. 3M’s major healthcare spin-off will keep a sizable presence in Minnesota under the new name Solventum, which represents the combination of the words “solving” and Jul 27, 2022 · The New 3M will remain a global material science innovator serving customers across a range of industrial and consumer end markets, and Health Care will be a global diversified healthcare technology company focused on wound care, healthcare IT, oral care, and biopharma filtration. 3 billion, down 3. The spinoff, which was Jan 17, 2023 · Today, 3M markets thousands of products through four business groups: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. , March 8, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. 62 1. About 3M. Currently, 3M has four sectors: Safety & Industrial, Transportation Aug 22, 2023 · Aug 22, 2023. The Company is anticipated to spin off from 3M on April 1, 2024, and has been approved for listing on the New York Stock Exchange as "SOLV. In July 2022, MMM announced plans to spin off its Health Nov 27, 2023 · Up until the spin-off, 3M's health care division remains a crucial component of the business and is subject to its rules and regulations. 1% Mar 8, 2024 · ST. (651) 233-0043. 84% said Thursday the name of the health care company it plans to spin off will be Solventum, which comes from combining “solving” and “momentum. The New 3M will remain a leading global material science innovator serving customers across a range of industrial Nov 16, 2023 · Until the spin-off, the Health Care Business continues to be part of 3M and governed by the policies and procedures of 3M. The New 3M will remain a leading global material science innovator serving customers across a range of industrial Jul 25, 2023 · 3M officials say they remain on track to spin off the company's Health Care business by late 2023 or early 2024. "This is an important day for 3M and Solventum, and Aug 12, 2022 · 3M's spinoff plans. 6 billion health care business at the end of the 2023. 2. Solventum, with the ticker symbol SOLV, is now listed on the New York Stock Exchange. Hanson will join 3M on Sept. • 1w. There are two potential On April 1, Solventum completed its spin-off from 3M and the newly independent healthcare company began trading on the New York Stock Exchange (NYSE) under the ticker symbol “SOLV. 3 billion in Oct 26, 2022 · 3M’s healthcare unit services endmarkets that include wound care, oral care, healthcare IT and biopharma filtration. Nov 16, 2023 · ST. 3M remains on track to spin out its healthcare unit in the first half of the year, the company said as part of its fourth-quarter results. -based Mar 19, 2024 · Its range includes a baseline of a 2% decrease year-over-year and a ceiling of 0% growth. Management plans the following: A tax-free spinoff of the healthcare business by the end of 2023, creating two new companies, the healthcare business and "New 3M. MMM, -2. The separation follows Mar 21, 2024 · The 3M businesses that will make up the new public company generated $8. Solventum Corporation will now operate as an independent Oct 26, 2023 · The updates on the spinout came as 3M reported falling revenues across the entire company. With the rest of the 3M focused on other industries, the company decided to spin off healthcare to create a new standalone company. — Minnesota-based 3M has officially completed the spin-off of its health care business, the company announced Monday. 3M will retain a 19. 7% year-over-year decrease. By Larry Ramer, InvestorPlace Contributor Apr 1, 2024, 10:52 am EDT. That includes a first-quarter adjusted EPS outlook of $2. 3M Inc. The “new” 3M is expected to retain a 19. In just 7 business days, Solventum will split from 3M, creating a new publicly traded healthcare company. U. Though the healthcare Jul 26, 2022 · The company reported $2. , July 26, 2022 /PRNewswire/ -- 3M (NYSE: MMM) today announced its intent to spin off its Health Care business, resulting in two world-class public companies well positioned to Apr 1, 2024 · Solventum Corporation, the spinoff of 3M's healthcare business, has started trading as a separate entity. Called Solventum Apr 26, 2023 · Interestingly, the best-performing of 3M’s businesses is the one it’s set to spin out into a standalone public company later this year. sf bq wu th jo zm ez xo jv bi