Solventum anticipated to spin off from
3M on April 1,
2024
ST.
PAUL, Minn., Feb. 21,
2024 /PRNewswire/ -- 3M
(NYSE: MMM) today announced the filing of a Form 10 registration
statement with the U.S. Securities and Exchange Commission (SEC)
for the planned spin-off of its Health Care business as the newly
independent health care company Solventum.
Solventum is anticipated to spin off from 3M on April 1,
2024, subject to final approval from the 3M Board of Directors and other required
conditions. Solventum has applied to list on the New York Stock
Exchange as "SOLV". Solventum had sales of $8.2 billion in 2023, and will include more
than 20,000 employees led by Bryan
Hanson as Chief Executive Officer, Wayde McMillan as Chief Financial Officer, and
Carrie Cox as Board Chair.
In addition, Solventum plans to host an Investor Day in
New York City on Tuesday, March 19, 2024, at 9:00 a.m. Eastern Time. Hanson and McMillan will
be joined by members of Solventum's leadership team to provide an
overview of the business and outline opportunities for value
creation in advance of its planned spin from 3M. The event will include formal presentations
and a Q&A session with leadership. Information on registering
for in-person attendance will be provided in the coming weeks.
A simultaneous webcast and replay of Solventum's presentation
will be available on 3M's website at
https://investors.3m.com/health-care-spin-off-resources. An archive
of the webcast will also be available on the Company's website
after the live event concludes.
Forward-Looking Statements
This news release contains
forward-looking information about 3M's financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as "plan," "expect," "aim," "believe," "project,"
"target," "anticipate," "intend," "estimate," "will," "should,"
"could," "would," "forecast" and other words and terms of similar
meaning in connection with any discussion of future operating or
financial performance or business plans or prospects. Among the
factors that could cause actual results to differ materially are
the following: (1) worldwide economic, political, regulatory,
international trade, geopolitical, capital markets and other
external conditions and other factors beyond the Company's control,
including inflation, recession, military conflicts, natural and
other disasters or climate change affecting the operations of the
Company or its customers and suppliers; (2) foreign currency
exchange rates and fluctuations in those rates; (3) risks related
to certain fluorochemicals, including liabilities related to
claims, lawsuits, and government regulatory proceedings concerning
various PFAS-related products and chemistries, as well as risks
related to the Company's plans to exit PFAS manufacturing and
discontinue use of PFAS across its product portfolio; (4) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (5) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31,
2023 and any subsequent quarterly reports on Form 10-Q (the
"Reports"); (6) competitive conditions and customer preferences;
(7) the timing and market acceptance of new product and service
offerings; (8) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (10) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (11) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (12) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (13) the
Company's credit ratings and its cost of capital; (14) tax-related
external conditions, including changes in tax rates, laws or
regulations; (15) matters relating to the proposed spin-off of the
Company's Health Care business, including whether the transaction
will be completed, or if completed, will be on the expected terms
or at the expected time; the risk that the expected benefits will
not be realized; the risk that the costs or dis-synergies will
exceed the anticipated amounts; the ability to satisfy the various
closing conditions; potential business disruption; the diversion of
management time; the impact of the transaction (or its pendency) on
the Company's ability to retain talent; potential impacts on the
Company's relationships with its customers, suppliers, employees,
regulators and other counterparties; the ability to realize the
desired tax treatment; the risk that any consents or approvals
required will not be obtained; risks associated with financings
that may be undertaken and indebtedness that may be incurred in
connection with the transaction; and (16) matters relating to
Combat Arms Earplugs ("CAE"), including those relating to, the
August 2023 settlement that is
intended to resolve, to the fullest extent possible, all litigation
and alleged claims involving the CAE sold or
manufactured by the Company's subsidiary Aearo Technologies and
certain of its affiliates and/or 3M.
Changes in such assumptions or factors could produce significantly
different results. A further description of these factors is
located in the Reports under "Cautionary Note Concerning Factors
That May Affect Future Results" and "Risk Factors" in Part I, Items
1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The Company assumes no obligation to update
any forward-looking statements discussed herein as a result of new
information or future events or developments.
About 3M
3M (NYSE: MMM) believes science helps create a
brighter world for everyone. By unlocking the power of people,
ideas and science to reimagine what's possible, our
global team uniquely addresses the opportunities and
challenges of our customers, communities, and planet. Learn
how we're working to improve lives and make what's
next at 3M.com/news.
About Solventum
At Solventum, we enable better,
smarter, safer healthcare to improve lives. As a new company with a
long legacy of creating breakthrough solutions for our customers'
toughest challenges, we pioneer game-changing innovations at the
intersection of health, material and data science that change
patients' lives for the better — while empowering healthcare
professionals to perform at their best. See how at
Solventum.
3M Investor
Contact:
Bruce Jermeland
(651) 733-1807
or
Diane Farrow
(612) 202-2449
or
Eric Herron
(651) 233-0043
3M Media
Contact:
Sean Lynch
Slynch2@mmm.com
Solventum Investor Contact:
Kevin Moran
kmmoran@solventum.com
(651) 968-7608
Solventum Media Contact:
Carly
Rotman
crotman@mmm.com
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SOURCE 3M Company