3M
(NYSE: MMM)
announced today that it filed an SEC Form 10 to set the planned spinoff of its Solventum Health Care business for April 1.
The St. Paul, Minnesota-based medtech company first announced plans to spin off its Health Care unit in June 2022. It named the standalone company, which generates more than $8 billion in annual revenue, “Solventum” in November 2023. Earlier this month, reports suggested that 3M stands to make up to $12 billion from the spinoff, with the move said to remain on track to take place during the first half of the year.
“The spin is on track to be completed in the first half of this year, and we are confident in the value it will create for customers, care providers, patients and shareholders,” 3M CEO Mike Roman said during the company’s earnings call with analysts on Jan. 23.
3M now anticipates the spinoff to take place on April 1, 2024, subject to final board approval, as stated in the SEC filing. Solventum applied to list on the New York Stock Exchange under the “SOLV” ticker, according to a news release.
Solventum will include more than 20,000 employees, led by former Zimmer Biomet CEO Bryan Hanson as its CEO. The company also landed former Insulet CFO Wayde McMillan as he takes over the same post. Carrie Cox will serve as board chair and former NuVasive CEO Christopher Barry is the new President of Medical Solutions.
The new standalone company’s leadership team plans to provide a business overview at an Investor Day event on March 19 as well.