3M spinning off healthcare division, launching new company
After a 70-year run, multinational science conglomerate 3M’s healthcare wing is spinning off into an independent company.
In a statement, 3M announced that the new independent healthcare company will be named Solventum, which the company said derives from the words "solving" and "momentum.”
The name change will be implemented when the spinoff of the independent healthcare company occurs, expected in the first half of 2024, pending final approval by 3M's board of directors and meeting other necessary conditions, such as approval by regulators and shareholders.
Until the breakaway is complete, 3M’s healthcare business will remain part of the core company, continuing its focus on producing products in clinical safety and sanitation, wound care, oral care, filtration and more.
According to 3M, Solventum will employ more than 20,000 people at launch. It’s not clear yet if the launch of a new company will shift the core focus of the current 3M healthcare business.
Chad is an award-winning writer and editor with over 15 years of experience working in media. He has a decade-long professional background in healthcare, working as a writer and in public relations.