3M announced that the company’s board of directors has approved the planned spin-off of its healthcare business, Solventum Corp.

Solventum is slated to officially spin off April 1. The new company has applied to list on the New York Stock Exchange as “SOLV.” Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18.

“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 healthcare market.”

About 3M
With global sales of US$32.7 billion, 3M is a leading producer of thousands of products ranging from chemicals, filtration systems, and safety and protection equipment to office, graphics, and healthcare equipment. For more information, visit 3M.com.