3M Reveals Solventum as New Title for Deliberate, Impartial Well being Care Firm Following Spin-Off
ST. PAUL, Minn., Nov. 16, 2023 /PRNewswire/ — 3M (NYSE: MMM) right this moment introduced Solventum would be the title of the deliberate, impartial well being care firm following its spin-off.
Solventum originates from two phrases: “fixing” and “momentum.” “Fixing” captures the corporate’s dedication to discovering breakthrough options. The group will pay attention intently to well being care professionals and by no means cease fixing for them — and the numerous lives they improve globally. “Momentum” symbolizes swifter, nimbler innovation. Because the impartial well being care firm builds on each achievement, giant and small, its momentum propels it previous obstacles, in direction of breakthroughs. The brand new title represents how the impartial well being care firm will concentrate on fixing huge well being care challenges and emphasizes the super impression it might probably make on the world.
The title, Solventum, captures the spirit of the impartial well being care firm and what motivates its greater than 20,000 problem-solving professionals who work tirelessly daily to form the way forward for well being. The brand new brand takes inspiration from the longer term firm’s drive to by no means cease fixing and transforms the “S” from the title into an expressive image of limitlessness. It conveys the responsive, imaginative and caring method the corporate will soak up fixing for sufferers and well being care professionals.
“That is one other vital milestone on the trail to constructing two-world class corporations, 3M and Solventum,” stated Mike Roman, 3M chairman and chief government officer. “We proceed to arrange for the spin-off, and we’re dedicated to driving long-term worth for shareholders.”
For greater than 70 years, 3M’s Well being Care Enterprise has been trusted by numerous prospects to unravel their vital wants with high quality and high-performing options rooted in science.
“As we construct this new firm, Solventum will embody our mission of enabling higher, smarter, safer well being care to enhance lives,” stated Bryan Hanson, chief government officer, 3M Well being Care Enterprise Group. “The title signifies who we’re as a group– drawback solvers who create progressive options that contact thousands and thousands of lives, remodel the affected person expertise and save time for well being care professionals.”
The brand new title and branding will go into impact when the spin-off of the impartial well being care firm happens, which is predicted within the first half of 2024, topic to last approval by 3M’s Board of Administrators and different required circumstances. Till the spin-off, the Well being Care Enterprise continues to be a part of 3M and ruled by the insurance policies and procedures of 3M.
3M’s Well being Care Enterprise will proceed to concentrate on markets corresponding to: wound care, well being care IT, oral care, filtration and purification, which resulted in $8.4 billion in gross sales in 2022.
An internet site with additional details about the spin-off may be discovered at 3m.com/Solventum
This information launch comprises forward-looking details about 3M’s monetary outcomes and estimates and enterprise prospects that contain substantial dangers and uncertainties. You’ll be able to establish these statements by way of phrases corresponding to “anticipate,” “estimate,” “anticipate,” “purpose,” “venture,” “intend,” “plan,” “consider,” “will,” “ought to,” “might,” “goal,” “forecast” and different phrases and phrases of comparable which means in reference to any dialogue of future working or monetary efficiency or enterprise plans or prospects. Among the many elements that might trigger precise outcomes to vary materially are the next: (1) worldwide financial, political, regulatory, worldwide commerce, geopolitical, capital markets and different exterior circumstances and different elements past the Firm’s management, together with inflation, recession, army conflicts, pure and different disasters or local weather change affecting the operations of the Firm or its prospects and suppliers; (2) dangers associated to surprising occasions corresponding to the general public well being crises related to the coronavirus (COVID-19) world pandemic; (3) international forex alternate charges and fluctuations in these charges; (4) dangers associated to sure fluorochemicals, together with liabilities associated to claims, lawsuits, and authorities regulatory proceedings regarding varied PFAS-related merchandise and chemistries, in addition to dangers associated to the Firm’s plans to exit PFAS manufacturing and discontinue use of PFAS throughout its product portfolio; (5) dangers associated to the proposed class-action settlement to resolve claims by public water methods in the US concerning PFAS; (6) authorized proceedings, together with vital developments that might happen within the authorized and regulatory proceedings described within the Firm’s Annual Report on Type 10-Ok for the 12 months ended Dec. 31, 2022 and any subsequent quarterly studies on Type 10-Q (the “Experiences”); (7) aggressive circumstances and buyer preferences; (8) the timing and market acceptance of latest product and repair choices; (9) the supply and value of bought parts, compounds, uncooked supplies and vitality on account of shortages, elevated demand and wages, provide chain interruptions, or pure or different disasters; (10) unanticipated issues or delays with the phased implementation of a world enterprise useful resource planning (ERP) system, or safety breaches and different disruptions to the Firm’s info know-how infrastructure; (11) the impression of acquisitions, strategic alliances, divestitures, and different strategic occasions ensuing from portfolio administration actions and different evolving enterprise methods; (12) operational execution, together with the extent to which the Firm can understand the advantages of deliberate productiveness enhancements, in addition to the impression of organizational restructuring actions; (13) monetary market dangers that will have an effect on the Firm’s funding obligations below outlined profit pension and postretirement plans; (14) the Firm’s credit score scores and its value of capital; (15) tax-related exterior circumstances, together with adjustments in tax charges, legal guidelines or laws; (16) issues referring to the proposed spin-off of the Firm’s Well being Care enterprise, together with whether or not the transaction can be accomplished, or if accomplished, can be on the anticipated phrases; the chance that the anticipated advantages is not going to be realized; the chance that the prices or dis-synergies will exceed the anticipated quantities; the power to fulfill the varied closing circumstances; potential enterprise disruption; the diversion of administration time; the impression of the transaction (or its pendency) on the Firm’s capability to retain expertise; potential impacts on the Firm’s relationships with its prospects, suppliers, staff, regulators and different counterparties; the power to comprehend the specified tax remedy (together with whether or not an Inner Income Service non-public letter ruling can be sought or obtained); the chance that any consents or approvals required is not going to be obtained; dangers related to financings which may be undertaken and indebtedness which may be incurred in reference to the transaction; and (17) issues referring to the voluntary chapter 11 proceedings of the Firm’s subsidiary Aearo Applied sciences and sure of its associates (“Aearo Entities”), in addition to the August 2023 settlement that’s supposed to resolve all litigation and alleged claims involving Fight Arms Earplugs offered or manufactured by the Aearo Entities and/or 3M. Modifications in such assumptions or elements might produce considerably completely different outcomes. An additional description of those elements is positioned within the Experiences below “Cautionary Be aware Regarding Components That Might Have an effect on Future Outcomes” and “Danger Components” in Half I, Objects 1 and 1A (Annual Report) and in Half I, Merchandise 2 and Half II, Merchandise 1A (Quarterly Experiences). The Firm assumes no obligation to replace any forward-looking statements mentioned herein on account of new info or future occasions or developments.
3M (NYSE: MMM) believes science helps create a brighter world for everybody. By unlocking the ability of individuals, concepts and science to reimagine what’s doable, our world group uniquely addresses the alternatives and challenges of our prospects, communities, and planet. Learn the way we’re working to enhance lives and make what’s subsequent at 3M.com/information.
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Bruce Jermeland, 651-733-1807
or Kevin Moran (Solventum Investor Relations), 651-968-7608
or Diane Farrow, 612-202-2449
or Eric Herron, 651-233-0043
For additional info: Investor Contact: Bruce Jermeland, 651-733-1807 or Kevin Moran (Solventum Investor Relations), 651-968-7608 or Diane Farrow, 612-202-2449 or Eric Herron, 651-233-0043; Media Contact: Carly Rotman, email@example.com