3M has announced that its spin-off of the company’s health care business will be known as Solventum.
According to the company, Solventum originates from two words: solving and “momentum.
“This is another significant milestone on the path to building two-world class companies, 3M and Solventum,” said Mike Roman, 3M chairman and CEO.
“We continue to prepare for the spin-off, and we’re committed to driving long-term value for shareholders.”
The new name and branding will go into effect when the spin-off of the independent health care company occurs, which is expected in the first half of 2024, subject to final approval by 3M’s board of directors and other required conditions.
Until the spin-off, the health care business continues to be part of 3M and governed by the policies and procedures of 3M.
“As we build this new company, Solventum will embody our mission of enabling better, smarter, safer health care to improve lives,” said Bryan Hanson, CEO, 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 health care professionals.”
3M’s health care business will continue to focus on markets such as: wound care, health care IT, oral care, filtration, and purification, which resulted in $8.4 billion in sales in 2022.
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