Apr 1, 2024 - Business

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

The logo for the Solventum brand

Image courtesy of Solventum

3M officially spun off its health care division into a publicly traded company on Monday.

The big picture: The new company, called Solventum, trading on the New York Stock Exchange as SOLV, would have qualified for the Fortune 500 list in 2023, with $8.2 billion in sales last year.

  • 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.

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