FX.co ★ 3M Approves Spin-off Of Solventum

3M, also known by its stock code MMM, announced that its board has given the green light for the spin-off of its Health Care segment, which will soon operate under the name Solventum Corporation. The spin-off is scheduled to take place on April 1, 2024, and the company intends to list on the New York Stock Exchange using 'SOLV' as its ticker symbol.

As per the company's details, for every four shares of 3M common stock held as of the close of business on the record date, March 18, 2024, 3M common stockholders will receive one share of Solventum common stock. The distribution is slated to take place prior to the start of trading on April 1, 2024.

The board of 3M has sanctioned the distribution of 80.1% of Solventum's outstanding shares to 3M's shareholders. The remaining 19.9% of Solventum's common stock will still be held by 3M and is planned to be monetized over a period of five years post the spin-off.