3M's Board of Directors has approved the spin-off of its Health Care business into a new company called Solventum Corporation.
First proposed in July 2022, this split is anticipated to go through on 1st April 2024.
"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 CEO. "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."
From now on there will be four different parts of 3M's business that will be provided by Solventum:
- Medical Surgical (MedSurg): A provider of wound care and surgical solutions intended to accelerate healing and prevent complications.
- Dental Solutions: A provider of dental prevention and procedure solutions and orthodontic solutions intended to promote lifelong oral health.
- Health Information Systems: A provider of software solutions powered by clinical intelligence that are intended to create time for clinicians to care for patients and ensure accuracy in health care reimbursement.
- Purification & Filtration: A provider of filters and membranes intended for life-saving biopharmaceuticals, vaccines, and medical treatments.
The health, material, and data science businesses made $8.6bn in revenue in 2023, with 100,00 channel partners and sales in more than 90 countries.
The new company will consist of 20,000 employees. Making up the leadership will be Bryan Hanson as Chief Executive Officer, Wayde McMillan as Chief Financial Officer, and Carrie Cox as Board Chair.
