ST. PAUL, Minn.,
April 1,
2024 /PRNewswire/ -- Today, 3M completed the planned spin-off of its health
care business, which formally launches Solventum Corporation
as an independent company. Solventum is listed on the New York
Stock Exchange as SOLV.
"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," said Mike Roman, 3M
chairman and chief executive officer. "Both companies are
positioned to pursue their respective growth and tailored capital
allocation plans, and I am excited to see both companies succeed as
they innovate new solutions and create value for their respective
stakeholders."
Holders of 3M common stock
received 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. For U.S. federal income tax
purposes, the distribution is generally intended to be tax-free to
3M shareholders. Additional
information about this distribution is available here.
3M retained 19.9% of the
outstanding shares of Solventum common stock, which will be
monetized within five years following the spin-off.
Forward-Looking Statements
This news release contains
forward-looking statements. You can identify these statements by
the use of words such as "plan," "expect," "aim," "believe,"
"project," "target," "anticipate," "intend," "estimate," "will,"
"should," "could," "would," "forecast" and other words and terms of
similar meaning. Among the factors that could cause actual results
to differ materially are the following: (1) worldwide economic,
political, regulatory, international trade, geopolitical, capital
markets and other external conditions and other factors beyond the
Company's control, including inflation, recession, military
conflicts, natural and other disasters or climate change affecting
the operations of the Company or its customers and suppliers; (2)
foreign currency exchange rates and fluctuations in those rates;
(3) risks related to certain fluorochemicals, including liabilities
related to claims, lawsuits, and government regulatory proceedings
concerning various PFAS-related products and chemistries, as well
as risks related to the Company's plans to exit PFAS manufacturing
and discontinue use of PFAS across its product portfolio; (4) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (5) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31,
2023 and any subsequent quarterly reports on Form 10-Q (the
"Reports"); (6) competitive conditions and customer preferences;
(7) the timing and market acceptance of new product and service
offerings; (8) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (10) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (11) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (12) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (13) the
Company's credit ratings and its cost of capital; (14) tax-related
external conditions, including changes in tax rates, laws or
regulations; (15) matters relating to the spin-off of the Company's
Health Care business, including the risk that the expected benefits
will not be realized; the risk that the costs or dis-synergies will
exceed the anticipated amounts; potential business disruption; the
diversion of management time; the impact of the transaction on the
Company's ability to retain talent; potential impacts on the
Company's relationships with its customers, suppliers, employees,
regulators and other counterparties; the ability to realize the
desired tax treatment; the risk that any consents or approvals
required will not be obtained; risks under the agreements and
obligations entered into in connection with the spin-off; and (16)
matters relating to Combat Arms Earplugs ("CAE"), including those
relating to, the August 2023
settlement that is intended to resolve, to the fullest extent
possible, all litigation and alleged claims involving the
CAE sold or manufactured by the Company's subsidiary Aearo
Technologies and certain of its affiliates and/or 3M. Changes in such assumptions or factors could
produce significantly different results. A further description of
these factors is located in the Reports under "Cautionary Note
Concerning Factors That May Affect Future Results" and "Risk
Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I,
Item 2 and Part II, Item 1A (Quarterly Reports). The Company
assumes no obligation to update any forward-looking statements
discussed herein as a result of new information or future events or
developments.
About 3M
3M (NYSE: MMM) believes science helps
create a brighter world for everyone. By unlocking the power of
people, ideas and science to reimagine what's possible, our global
team uniquely addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
3M Investor
Contact:
Bruce Jermeland
(651) 733-1807
or
Diane Farrow
(612) 202-2449
or
Eric Herron
(651) 233-0043
3M Media
Contact:
Sean Lynch
slynch2@mmm.com
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SOURCE 3M Company