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3M Completes Solventum Spin-off | Adhesives & Sealants Industry

3M has completed its planned spin-off of its health care business. The new independent company, Solventum Corp., is now listed on the New York Stock Exchange as SOLV. 

The Solventum business had sales of $8.2 billion in 2023 while part of 3M and is made up of 22,000 employees led by Bryan Hanson as chief executive officer, Wayde McMillan as chief financial officer, and Carrie Cox as board chair. Hanson and members of the Solventum Leadership Team will celebrate the new company by ringing the Opening Bell at the NYSE on April 3.

“This is an important day for 3M and Solventum, and I extend my sincere congratulations to members of both teams who have made this possible,” said Mike Roman, 3M chairman and chief executive officer. “Both companies are positioned to pursue their respective growth and tailored capital allocation plans, and I am excited to see both companies succeed as they innovate new solutions and create value for their respective stakeholders.”

Marking Solventum’s first day as a publicly traded company, Hanson commented, “We’re a new company with a long legacy of creating breakthrough solutions that solve our customers’ toughest challenges. Solventum colleagues worldwide are united in our mission to enable better, smarter, safer healthcare to improve lives.”

Solventum solutions span across four business segments – Medical Surgical, providing wound care and surgical solutions intended to accelerate healing and prevent complications; Dental Solutions, providing dental prevention and procedure solutions and orthodontic solutions intended to promote lifelong oral health; Health Information Systems, offering 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; and Purification and Filtration, providing filters and membranes intended for life-saving biopharmaceuticals, vaccines, and medical treatments. 

The company has a broad reach in the medical field. Solventum products have been used in over two billion dental restoration procedures worldwide and are estimated to treat 1.6 million hard-to-heal wounds annually. Its software solutions are used in many health systems worldwide — including over 75% of U.S. hospitals; and based on internal estimates, and its membrane technology is currently used annually in more than 25 million life-saving dialysis treatments. 

Learn more about 3M at www.3m.com. Additional information about Solventum is available at www.solventum.com

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