3M
(NYSE: MMM)
today announced a name for its healthcare business spinoff, which the manufacturing giant expects to complete during the first half of 2024.
What has been 3M Health Care will now be called Solventum.
Here’s how 3M explained the name in its news release:
“Solventum originates from two words: ‘solving’ and ‘momentum.’ ‘Solving’ captures the company’s dedication to finding breakthrough solutions. The organization will listen closely to healthcare professionals and never stop solving for them — and the many lives they enhance globally. ‘Momentum’ symbolizes swifter, nimbler innovation. As the independent healthcare company builds on every achievement, large and small, its momentum propels it past barriers, towards breakthroughs. The new name represents how the independent healthcare company will focus on solving big healthcare challenges and emphasizes the tremendous impact it can make on the world.”
An announcement on the healthcare businesses webpage notes that the accompanying new logo “takes inspiration from the future company’s drive to never stop solving and transforms the ‘S’ from the name into an expressive symbol of limitlessness.”
Being called Solventum embodies the healthcare business’ mission of enabling better, smarter, safer healthcare to improve lives, according to Bryan Hanson, CEO of the 3M Health Care Business Group,
“The name signifies who we are as a team – problem solvers who create innovative solutions that touch millions of lives, transform the patient experience and save time for healthcare professionals,” said Hanson, who will lead the company when it becomes independent.
3M said the new name and branding will go into effect when the spinoff is completed, subject to board approval and other required conditions.
With $8.4 billion in annual revenue, 3M’s healthcare business is the 17th largest medtech outfit in the world, according to our annual Medtech Big 100 report.
How other companies have handled medtech spinoff names
Companies have generally engaged in a wide variety of strategies when it comes the name and branding of businesses they are spinning off, and medtech is no exception.
When GE spun off its healthcare business early this year, it kept the GE HealthCare name and associated benefits around the GE brand but opted for a purple logo meant to reflect the caring nature of healthcare.
Meanwhile, Siemens found itself panned when it rolled out the Siemens Healthineers name in 2016, about two years before the medtech business’ IPO in 2018.
Zimmer Biomet drew on “vie,” the French word for life, for the ZimVie name of its spine and dental business spinoff in 2022. Abbott had previously gone the “vie” route with its AbbVie pharma business spinoff.
Other companies have gone the same route as 3M and chosen entirely new names. For example, DJO’s parent company Colfax changed its name to Enovis after spinning off its ESAB fabrication technology business and becoming a stand-alone ortho device company.