The Board of 3M Company (NYSE:MMM) announced the spin-off of 80.1% stake in Health Care Business of 3M Company on July 26, 2022. Additionally, New 3M expects to retain a stake of 19.9% in Health Care, which will be monetized over time. As of March 8, 2024, 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. Health Care Business of 3M Company has a revenue of $8.2 billion in 2021. The transaction is subject to satisfaction of customary conditions, including final approval from the 3M Board of Directors, filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission, receipt of a tax opinion, receipt of a private letter ruling from the Internal Revenue Service, satisfactory completion of financing, and receipt of other regulatory approvals. US Soldiers In Earplug Trials Sue 3M To Block Planned Spinoff Of Healthcare Unit. The lawsuit was filed in a federal court in Florida, accusing 3M of using the spinoff to protect its assets and avoid paying compensations to veterans for hearing damage caused by the company's military earplugs. As of April 12, 2023, Health Care Business of 3M so far has no name and no named leaders, but the new company will remain in Maplewood, Minnesota and will retain access to relevant office and laboratory space at 3M Center in for a transitional period following spin-off. Employees who currently work in 3M's Care business are expected to be a part of the spin-off as well as those who primarily support 3M health care in a functional role. As of August 22, 2023, Bryan C. Hanson has been appointed as a Chief Executive Officer of the independent health care. 3M expects to complete the transaction by end of 2023. As of July 25, 2023, 3M says that they made good progress, including regulatory filings and system updates in preparation for soft spin and at the final steps of naming a CEO. The transaction is expected to be completed by year-end 2023 or early 2024. As of November 16, 2023, the company will be named as Solventum. As of February 6, 2023, transaction is expected to be completed by the first half of 2024 and is subject to satisfaction of customary conditions, including final approval from the 3M Board of Directors and receipt of regulatory approvals. As of February 21, 2024, 3M filed Form 10 registration statement with the U.S. Securities and Exchange Commission. 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. As of March 8, 2024, the board of 3M approved the transaction.

Timothy Ingrassia, Aimee Mungovan, David Dubner and Chris P. Diorio of Goldman Sachs & Co and PJT Partners are acting as financial advisors and Steven A. Rosenblum and Jenna E. Levine of Wachtell, Lipton, Rosen & Katz acting as legal advisors to 3M Company. EQ Shareowner Services acted as a distribution agent.

3M Company (NYSE:MMM) completed the spin-off of 80.1% stake in Health Care Business of 3M Company on April 1, 2024. The Spin-Off health care business, which formally launches Solventum Corporation as an independent company is listed on the New York Stock Exchange as SOLV. 3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off.