3M Company
3M Completes Spin-off of Health Care Business into Solventum Corporation
Summary
On April 1, 2024, 3M Company completed the spin-off of its health care business, creating Solventum Corporation as an independent company. 3M stockholders of record as of March 18, 2024 received one share of Solventum common stock for every four shares of 3M common stock. 3M retained 19.9% of Solventum shares, which will be monetized within five years. This spin-off was governed by several agreements including a Separation and Distribution Agreement, Transition Services Agreement, and others. The event was announced via a press release filed as Exhibit 99.1.
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Exhibits (11)
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About 3M Company
3M Company, often recognized for its innovative approach, is a diversified technology corporation that caters to various consumer and industrial needs across the globe. With a robust presence in multiple sectors, 3M's primary function is the development, manufacturing, and marketing of a wide array of products essential in industries such as safety and industrial, transportation and electronics, health care, and consumer goods. The company is particularly noted for products like adhesives, abrasives, personal protective equipment, medical devices, and consumer goods like Post-it Notes and Scotch Tape. As a significant player in the industrial sector, 3M impacts daily lives by enhancing the comfort and efficiency of households and workplaces. Headquartered in St. Paul, Minnesota, and founded in 1902, 3M’s commitment to innovation and research and development continues to strengthen its position in global markets, influencing everyday products and solutions.
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