3M Company announced on Monday that it has successfully completed the spin-off of its healthcare business, now known as Solventum Corporation. Solventum is now a publicly listed company on the New York Stock Exchange, trading under the ticker SOLV.
As part of the spin-off, 3M's shareholders received one Solventum share for every four shares of 3M they held as of March 18, 2024.
Moreover, 3M has retained a 19.9 percent stake in the outstanding shares of Solventum. The company plans to monetize this stake within the next five years following the spin-off, as mentioned in their official statement.
Mike Roman, 3M's Chairman and CEO, expressed his views on the development. He stated that the shift positions both 3M and Solventum to pursue their independent growth and execute their own strategic capital allocation plans.
