3M board approves spin-off of Health Care business as Solventum; distribution April 1, 2024

3M CO

Record date March 18, 2024; shareholders receive 1 Solventum share for every 4 MMM shares.
80.1% of Solventum distributed; 3M retains 19.9% to be monetized within 5 years.
Solventum (SOLV) to list on NYSE; when-issued trading begins March 26, 2024.
Solventum had $8.2B revenue in 2023; Bryan Hanson CEO, Wayde McMillan CFO, Carrie Cox Chair.
Spin-off intended to be tax-free to 3M shareholders; conditions remain subject to satisfaction.

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