The company said its board of directors approved the spin-off of its Health Care business, Solventum Corporation, on March 8, 2024. It said it expects to distribute 80.1% of Solventum's outstanding shares to 3M shareholders.

1. 01

   The company said its board of directors approved the spin-off of its Health Care business, Solventum Corporation, on March 8, 2024. It said it expects to distribute 80.1% of Solventum's outstanding shares to 3M shareholders.

2. 02

   Holders of 3M common stock as of the close of business on March 18, 2024, the record date, will receive 1 share of Solventum common stock for every 4 shares of 3M common stock held, 3M. The company said the distribution is expected to occur before the opening of trading on April 1, 2024, with cash paid in lieu of fractional shares.

3. 03

   The company said it will retain 19.9% of Solventum's outstanding shares through 3M and plans to monetize that stake within 5 years after the spin-off. It said the distribution is generally intended to be tax-free for U.S. federal income tax purposes.

4. 04

   The company said Solventum had $8.2 billion in revenue in 2023 and serves a global market of approximately $93 billion. It said the business is organized into 4 operating segments: MedSurg, Dental Solutions, Health Information Systems and Purification & Filtration.

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Original filing

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