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3M Company announced on Thursday, Nov. 16, that it has decided on the name of its new independent healthcare business. Following the spinoff of the said unit, the company said it decided to call it “Solventum.”
As per Reuters, it was last year when 3M revealed its plans to spin off its healthcare division that will also be a listed company later. Once it goes public, the industrial firm said it will retain just a 19.9% stake. In any case, this plan was laid out amid the legal troubles the company was facing, specifically, the litigations from military groups that accused 3M of selling defective earplugs.
The Solvetum Healthcare Spinoff
As it named its new unit Solvetum, it will continue to focus on oral care, wound care, and healthcare technology. The intended healthcare firm will have its new leaders and in August, 3M said it appointed Bryan Hanson as its chief executive officer.
3M hopes that with its new spinoff, it will be able to provide the same service and products that the public trusted for more than 70 years. It vowed to develop more technology and high-quality items that will aid customers in solving critical needs in the healthcare business.
Name Origin and What It Means
3M said that “Solventum” was formed with the combination of two terms - "solving" and "momentum." It said that this name symbolizes breakthrough solutions and useful innovation.
Moreover, 3M explained that "Solving" represents its dedication to finding and developing advanced solutions while "Momentum" symbolizes ready and quick-moving innovations. Meanwhile, the firm said the spinoff will be in effect in the first half of 2024.
"This is another significant milestone on the path to building two-world class companies, 3M and Solventum," 3M’s chairman and chief executive officer, Mike Roman, said in a press release. "We continue to prepare for the spin-off, and we're committed to driving long-term value for shareholders."
Bryan Hanson, 3M Health Care Business Group’s CEO, also said, “As we build this new company, Solventum will embody our mission of enabling better, smarter, safer health care to improve lives. The name signifies who we are as a team– problem solvers who create innovative solutions that touch millions of lives, transform the patient experience, and save time for health care professionals."
Photo: 3M Media Gallery
