3M announced its intent to spin off its Health Care business, creating two separate public companies. The new 3M, with $26.8 billion in sales in 2021, will remain a global material science innovator serving customers across a range of industrial and consumer end markets. Health Care, with approximately $8.61 billion in sales in 2021, will be a global diversified healthcare technology company focused on wound care, healthcare IT, oral care, and biopharma filtration. The company expects to complete the transaction by year-end 2023, subject to regulatory and board of director approvals.

"Today's actions advance our ability to create value for customers and shareholders," said 3M chairman and chief executive officer Mike Roman. "Disciplined portfolio management is a hallmark of our growth strategy. Our management team and board continually evaluate the strategic options that will best drive long-term sustainable growth and value. The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities."

Learn more at www.3m.com.