Solventum

Bryan Hanson, soon-to-be CEO of 3M’s Solventum healthcare spinoff, is no stranger to major changes in medtech.

He had direct involvement in medtech’s largest spinoff, when Covidien separated from Tyco. Hanson then led the integration of Covidien into Medtronic in medtech’s largest-ever acquisition. While at Medtronic, he also led the divestiture of its Patient Recovery business to Cardinal Health.

After several years in the corner office at orthopedic giant Zimmer Biomet, he’s now tasked with leading the planned Health Care spinoff at 3M.

“I have a lot of knowledge and experience in transformation,” Hanson said during Solventum’s inaugural Investor Day event. “[They were] all different transformations, but what you’ll find is some commonality in every transformation. There are always differences, but there’s always commonality as well. So I will bring experience to make sure that this transforma…

3M (NYSE: MMM) + announced last week that its board of directors approved the planned spinoff of Solventum, its Health Care business.

Board approval further solidifies the company’s previously announced intent to spin Solventum into a standalone company on April 1.  The St. Paul, Minnesota–based manufacturing giant 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.

Following board approval, 3M applied to list Solventum on the New York Stock Exchange under the “SOLV” ticker.

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 Pre…

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 approva…

3M (NYSE: MMM) + stands to make billions of dollars from spinning off its Health Care business into a new company called Solventum, according to a Star Tribune of Minneapolis report. 

The newspaper’s report cited a Fitch Ratings report, which said the up to $12 billion from the Solventum spinoff would come in over the next five years.

3M needs the money as it pays billions of dollars to settle lawsuits. The company is resolving hundreds of thousands of veterans’ lawsuits over faulty earplugs, and it could pay billions more dollars over lawsuits related to the “forever chemical” PFAS.

3M says the spinoff remains on track to take place during the year’s first half.

“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 …

3M (NYSE: MMM) + saw its stock down this morning after its 2024 earnings forecast failed to meet expectations. 

The Maplewood, Minnesota–based manufacturing giant also said it remains on track to spin off 3M Health Care as a new company called Solventum during the first half of the year.

Including its healthcare business, 3M expects adjusted EPS of $9.35–9.75 this year; the Wall Street analyst consensus was $9.81. 3M expects adjusted total sales growth in the range of 0.25–2.25%, reflecting adjusted organic sales growth of flat to up to 2%.

MMM shares were down more than 9% to $97.75 apeice in morning trading. MassDevice‘s MedTech 100 Index was down slightly.

“Our team remains focused on further improving our operational performance, optimizing our portfolio, and reducing risk,” CEO Mike Roman said in a news release.

3M earned $945 million, or $1.70 per share, off of $8 billion in…

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 challen…