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3M Completes Spin-off of Solventum

AuthorVlad Schepkov
Published 04/01/2024, 06:42 AM
Updated 04/01/2024, 06:31 AM
© Reuters. 3M (MMM) Completes Spin-off of Solventum (SOLV)

Today, 3M (MMM) completed the planned spin-off of its health care business, which formally launches Solventum Corporation as an independent company. Solventum is listed on the New York Stock Exchange as SOLV.

"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," said Mike Roman, 3M chairman and chief executive officer. "Both companies are positioned to pursue their respective growth and tailored capital allocation plans, and I am excited to see both companies succeed as they innovate new solutions and create value for their respective stakeholders."

Holders of 3M common stock received one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. For U.S. federal income tax purposes, the distribution is generally intended to be tax-free to 3M shareholders. Additional information about this distribution is available here.

3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off.

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