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3M’s Health Care Business Solventum Completes Spin-Off
3M has successfully completed the spin-off of its healthcare business, officially launching Solventum Corporation as an independent entity listed on the New York Stock Exchange.
3M’s Health Care Business Solventum Completes Spin-Off. Image credit: © Solventum
3M has successfully completed the planned spin-off of its health care business, giving rise to Solventum Corporation as an independent entity. Solventum, with the ticker symbol SOLV, is now listed on the New York Stock Exchange.
Mike Roman, the Chairman and CEO of 3M, expressed his enthusiasm in a press release, stating, "This is an important day for 3M and Solventum, and I extend my sincere congratulations to members of both teams who have made this possible." He highlighted the strategic positioning of both companies to pursue tailored growth and capital allocation plans, emphasizing their commitment to innovation and value creation for stakeholders.
Under the terms of the spin-off, holders of 3M common stock received 1 share of Solventum common stock for every 4 shares of 3M common stock held at the close of business on March 18, 2024, which served as the record date for the distribution. Notably, for United States federal income tax purposes, the distribution is generally intended to be tax-free to 3M shareholders, according to the press release.
Additionally, 3M has retained 19.9% of the outstanding shares of Solventum common stock, with plans to monetize this stake within 5 years following the spin-off. To learn more, visit the website here.
Episode 31: Dentsply Sirona Implant Announcements
September 30th 2021DPR’s Editorial Director Noah Levine sat down with Gene Dorff, Dentsply Sirona’s group vice president of implants and Dr. Dan Butterman to review several big announcements the company made in the arena of implants during Dentsply Sirona World 2021 in Las Vegas.
Crest Toothpaste Honored as National Historic Chemical Landmark
April 10th 2024The American Chemical Society has designated Crest toothpaste as a National Historic Chemical Landmark, recognizing its introduction in 1955 as a transformative moment in dental care through the incorporation of fluoride chemistry.
