The Board of Directors of 3M has approved the planned spin-off of its Health Care business, which will be known as Solventum Corp. 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."
"Today's approval is another important milestone as we continue to make progress in building two world-class companies, both positioned to pursue their respective growth and tailored capital allocation plans," said Mike Roman, 3M chairman and chief executive officer. "We are pleased to have taken another step as Solventum prepares to independently pursue its mission and promise to innovate in the exciting and rapidly growing health care market."