3M Board of Directors Approves Spin-off of Solventum
ST. PAUL, Minn., March 8, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. The company is anticipated to spin off from 3M on April 1, 2024, and 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, 2024, the record date for the distribution.
- 3M's Board of Directors approved the distribution to 3M shareholders of 80.1% of the outstanding shares of Solventum.
- 3M will retain 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off.
- 3M shareholders of record as of the record date do not need to take any action to receive shares of Solventum common stock to which they are entitled as 3M shareholders.