3M names new healthcare spinoff as Solventum

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November 16, 2023 11:35 AM EST

FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo

(Reuters) - U.S. industrial conglomerate 3M said on Thursday its independent healthcare business would be called Solventum following its spinoff.

3M disclosed plans to spin off its healthcare business into a listed company last year, in which the U.S. industrial giant would retain a 19.9% stake.

The plan came amid litigations from military members who used the industrial giant's allegedly defective earplugs.

The healthcare unit, which focuses on wound care, oral care and healthcare technology, reported about $8.4 billion in sales in 2022.

3M had said in August that Bryan Hanson would be the chief executive officer of the healthcare company.

The company said the name Solventum originates from two words "solving" and "momentum", symbolizing breakthrough solutions and swifter innovation.

The spinoff is expected to be completed in the first half of 2024.

(Reporting by Christy Santhosh; Editing by Shilpi Majumdar)


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