| Company type | Public |
|---|---|
| Industry | Health care |
| Predecessor | 3M (health care division) |
| Founded |
|
| Headquarters | , U.S. |
Key people |
|
| Revenue |  US$8.2 billion (2023) |
| US$1.7 billion (2023) | |
| US$1.3 billion (2023) | |
| Total assets | US$13.9 billion (2023) |
| Total equity |  US$11.7 billion (2023) |
Number of employees | 22,000 (2024) |
| Website | solventum |
| Footnotes /references [1] | |
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024.
On July 26, 2022, 3M announced that it would spin-off its healthcare division as a separate company to streamline operations. The new company would assume 3M's business in wound and oral care, health informatics, and biopharmaceutical filtration. [2] The sales of products in these fields accounted for about a quarter of 3M's total sales in 2021. [3] CEO Mike Roman said that the split would "position 3M for the future, to create more opportunity and greater certainty". [4]
Bloomberg News said that the move followed a period of declining profits attributed to shifting economic trends, and would "dramatically reshape a company known for diverse product lines, from electronic components to dental adhesives to Post-it notes". [5] In fact, the announcement of the spin-off occurred the same day as a separate announcement that a 3M subsidiary, Aearo Technologies, had declared Chapter 11 bankruptcy after settling lawsuits alleging that the earplugs it had manufactured for U.S. military service members were defective and damaged their hearing. [6]
Many observers placed this business decision in a larger trend of other industrial conglomerates that had undergone similar splits in the preceding few years. In November 2021, General Electric announced that it would spin off its health care, aerospace, and energy businesses as GE HealthCare, GE Aerospace, and GE Vernova, respectively; [5] the same week, Johnson & Johnson announced that it would spin-off its consumer health division as a separate company, Kenvue. [4] Comparisons were also made to the decisions by Kellogg's [4] and Toshiba to split into multiple entities, [6] as well as United Technologies's spin-off of Otis Worldwide and Carrier Global before its merger with Raytheon. [5] 3M itself sold its food safety business to Neogen in September 2022. [2]
On January 24, 2023, the health care business was registered as a corporation in Delaware under the provisional name "3M Health Care Co.". [7] On November 16, 2023, 3M unveiled that the new company would be called Solventum, a portmanteau of the words "solving" and "momentum". [8]
The spin-off was completed on April 1st, 2024, with 3M retaining about 19.9% of Solventum. [9]
The first CEO of Solventum is Bryan Hanson, [8] who has served in the role since September 1, 2023. [10]
General Electric Company (GE) was an American multinational conglomerate founded in 1892 and incorporated in the state of New York and headquartered in Boston. The company had several divisions, including aerospace, energy, healthcare, and finance.
Vantiva SA, formerly Technicolor SA, Thomson SARL, Thomson SA, and Thomson Multimedia, is a French multinational corporation that provides creative services and technology products for the communication, media and entertainment industries. Vantiva's headquarters are located in Paris, France. Other main office locations include Norcross (USA), Rennes (France) Edegem (Belgium) Seoul, Beijing (China), Chennai (India), Memphis (USA).
Liberty Media Corporation, commonly referred to as Liberty Media or just Liberty, is an American mass media company founded by John C. Malone in 1991. The company has three divisions, reflecting its ownership stakes in Formula One Group, Sirius XM, Live Nation Entertainment, and by the end of 2024, Dorna Sports. The SIRIUS XM Holdings segment operates two audio entertainment companies, Sirius XM and Pandora. Sirius XM offers channels and information and entertainment services. Pandora is a streaming platform for searching for music and podcasts. As of 2024, Liberty Media is set to own three global motorsport businesses in the form of Formula One, MotoGP and World Superbikes.
The Cigna Group is a for-profit American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups. Cigna is incorporated in Delaware.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
GE HealthCare Technologies, Inc. is an American multinational medical technology company headquartered in Chicago, Illinois. It was spun-off from General Electric on January 4, 2023, with GE retaining 10.24%. As of 2017, it is a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures. It offers dyes used in magnetic-resonance-imaging procedures; manufactures medical diagnostic equipment, including CT image machines; MRI, XRAY; Ultrasound; Cath Labs; Mammogram; Nuclear Medicine Cameras; and develops Health technology for medical imaging and information technologies, medical diagnostics, patient monitoring systems, disease research, drug discovery, and biopharmaceutical manufacturing. It was incorporated in 1994 and operates in more than 100 countries.
3M Company is an American multinational conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods. The company produces over 60,000 products under several brands, including adhesives, abrasives, laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical and electronic connecting and insulating materials, medical products, car-care products, electronic circuits, healthcare software, and optical films. It is based in Maplewood, a suburb of Saint Paul, Minnesota.
GE Power was an American energy technology company owned by General Electric (GE). In April 2024, GE completed the spin-off of GE Power into a separate company, GE Vernova. Following this, General Electric ceased to exist as a conglomerate and pivoted to aviation, rebranding as GE Aerospace.
XPO, Inc. is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, US and 564 locations globally.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total revenue. Contemporaneous with the spinoff in June 2013 S&P Dow Jones Indices announced that Zoetis would replace First Horizon National Corporation in the S&P 500 stock market index.
Starz Inc. is an American entertainment company that owns and operates pay television channels, including the namesake Starz network, Starz Encore and MoviePlex, as well as a media distribution company. The company is headquartered at Meridian, Colorado, and uses nearby Englewood as its location in corporate filings and press releases. On December 8, 2016, the company became a subsidiary of Lionsgate.
Neogen Corporation is an international food safety company that provides test kits and relevant products to detect dangerous substances in food. The company was founded in 1982 and is based in Lansing, Michigan. The company serves a wide range of countries including Canada, United States, the United Kingdom, parts of Europe, Mexico and Brazil, India, and China, among others. As of 2016, the company has a market capitalization of $1.83 billion with an enterprise value of $1.57 billion. The company operates a product line of over 100 drug detection test kits worldwide for the detection of about 300 abused and therapeutic drugs in animal treatment. In 2009, it became a vendor of the Chinese government and has been engaged in researching China-specific food safety and plant health issues.
The Chemours Company is an American chemical company that was founded in July 2015 as a spin-off from DuPont. It has its corporate headquarters in Wilmington, Delaware, United States. Chemours is the manufacturer of Teflon, the brand name of polytetrafluoroethylene (PTFE), known for its anti-stick properties. It also produces titanium dioxide and refrigerant gases.
DuPont de Nemours, Inc., commonly shortened to DuPont, is an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours. The company played a major role in the development of Delaware and first arose as a major supplier of gunpowder. DuPont developed many polymers such as Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kapton, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona, Corfam and Lycra in the 20th century, and its scientists developed many chemicals, most notably Freon (chlorofluorocarbons), for the refrigerant industry. It also developed synthetic pigments and paints including ChromaFlair.
GE Digital is a subsidiary of American energy conglomerate GE Vernova. Headquartered in San Ramon, California, the company provides software and industrial internet of things (IIoT) services to industrial companies.
Henry Lawrence "Larry" Culp, Jr. is an American business executive. He is chairman and CEO of GE Aerospace. He is the first outsider to run GE in the company's 126-year history.
Kyndryl Holdings, Inc. is an American multinational information technology infrastructure services provider. Headquartered in New York City and created from the spin-off of IBM's infrastructure services business in 2021, the company designs, builds, manages and develops large-scale information systems. The company also has business advisory services. It is currently the world's largest IT infrastructure services provider, and the fifth-largest consulting provider.
Carolina Dybeck Happe is a Swedish business executive serving as the Chief Financial Officer (CFO) of General Electric since March 2020. She is the first outsider and non-American to be appointed CFO of the company, a job that has been described as one of the toughest CFO jobs in corporate America. Prior to joining GE she has been the CFO of several global corporations including A.P. Møller – Mærsk and ASSA ABLOY.
Kenvue Inc. is an American consumer health company. Formerly the Consumer Healthcare division of Johnson & Johnson, Kenvue is the proprietor of well-known brands such as Aveeno, Band-Aid, Benadryl, Zyrtec, Johnson's, Listerine, Mylanta, Neutrogena, Tylenol, and Visine.
GE Vernova Inc. is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts. The company is a result of General Electric merging and spinning off its energy businesses: GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services.
Solventum was incorporated in Delaware for the purpose of holding the Health Care Business in connection with the separation and distribution described in this information statement. Prior to the contribution of the Health Care Business to Solventum by 3M, which will occur prior to the distribution, Solventum will have no operations, and will have no assets or liabilities of any kind, other than those incidental to its formation and the separation. ... Solventum's principal executive offices will be [in] Maplewood, MN ... Solventum was formed in Delaware on January 24, 2023, for the purpose of holding the Health Care Business. As part of the plan to separate the Health Care Business from the remainder of 3M's businesses, 3M plans to transfer the equity interests of certain entities that are expected to operate the Health Care Business and the assets and liabilities of the Health Care Business to Solventum prior to the distribution.
| People |  | |
|---|---|---|
| Brands | ||