3M has announced that Solventum will be the name of the planned, independent healthcare company following its spin-off.
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spin off concept
Solventum originates from two words: “solving” and “momentum. The new name aims to represent how the company will focus on solving big healthcare challenges and emphasise the impact it can make on the world.
Mike Roman, 3M chairman and chief executive officer, said: “This is another significant milestone on the path to building two-world class companies, 3M and Solventum. We continue to prepare for the spin-off, and we’re committed to driving long-term value for shareholders.”
For more than 70 years, 3M’s healthcare business has been trusted by countless customers to solve their critical needs with quality and high-performing solutions rooted in science.
Bryan Hanson, chief executive officer, 3M Health Care Business Group, said: “As we build this new company, Solventum will embody our mission of enabling better, smarter, safer healthcare to improve lives. 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 healthcare professionals.”
The new name and branding will go into effect when the spin-off of the independent healthcare 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 healthcare business continues to be part of 3M and governed by the policies and procedures of 3M.
3M’s Health Care Business will continue to focus on markets such as: wound care, healthcare IT, oral care, filtration, and purification, which resulted in $8.4 billion in sales in 2022.
