ST. PAUL, Minn. - 3M Company (NYSE:MMM) has announced the finalization of its Health Care business spin-off, now named Solventum Corporation. The separation is scheduled to take place on April 1, 2024, with Solventum set to list on the New York Stock Exchange under the ticker "SOLV."
The 3M Board of Directors ratified the decision, marking a significant step in creating two distinct entities. Mike Roman, 3M's Chairman and CEO, expressed confidence in both companies' potential for growth and capital allocation. Solventum is expected to capitalize on the burgeoning health care market.
Shareholders of 3M will receive one share of Solventum for every four shares of 3M they own as of the record date, March 18, 2024. This distribution is intended to be tax-free for U.S. federal income tax purposes. 3M will retain a 19.9% stake in Solventum, with plans to divest it within five years post-spin-off.
"When-issued" trading of Solventum shares is anticipated to commence on or around March 26, 2024, under the symbol "SOLV WI." Regular trading will begin on April 1, 2024, under the symbol "SOLV." 3M shares will be available in two markets on the NYSE from March 26 through March 28, 2024: "regular-way" under "MMM," including rights to Solventum shares, and "ex-distribution" under "MMM WI," excluding those rights.
Solventum is poised to become a global healthcare leader, with a mission to enable better, smarter, safer healthcare. It boasts over 70 years of innovation, market leadership, and strong customer relationships.
With $8.2 billion in 2023 revenue, Solventum will target a $93 billion global market projected to grow 4-6% through 2026. It will operate in four segments: Medical Surgical, Dental Solutions, Health Information Systems, and Purification & Filtration.
Solventum's leadership team includes CEO Bryan Hanson, CFO Wayde McMillan, and Board Chair Carrie Cox. The company plans an Investor Day on March 19, 2024, to discuss its business and value creation strategy.
This news is based on a press release statement. For more information on the distribution, shareholders can contact EQ Shareowner Services. Further details about Solventum's business and strategic vision can be found on the company's website.
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