3M names new healthcare spinoff as Solventum (updated)

3M Co

16/11/2023 17:21

(Adds further details and background in paragraphs 2-7)
       Nov 16 (Reuters) - U.S. industrial conglomerate 3M
 MMM.N  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)
 ((Christy.Santhosh@thomsonreuters.com;))