3M health care spinoff becomes Minnesota's newest Fortune 500 company

• It also has 22,000 employees.

Between the lines: The move is part of a broader downsizing of 3M as the maker of Scotch tape and Post-it Notes pays out massive legal settlements related to water contamination around the nation and for allegedly faulty hearing protection used by military members.

• In addition to divesting parts of its business, it's also been slashing jobs as part of a restructuring.

What we're watching: For now, Solventum will continue to operate out of 3M's Maplewood headquarters, but no permanent home has been announced.