ST.
PAUL, Minn., Nov. 16,
2023 /PRNewswire/ -- 3M
(NYSE: MMM) today announced Solventum will be the name
of the planned, independent health care company following its
spin-off.
Solventum originates from two words: "solving" and
"momentum." "Solving" captures the company's dedication to
finding breakthrough solutions. The organization will listen
closely to health care professionals and never stop solving for
them — and the many lives they enhance globally. "Momentum"
symbolizes swifter, nimbler innovation. As the independent health
care company builds on every achievement, large and small, its
momentum propels it past barriers, towards breakthroughs. The new
name represents how the independent health care company will focus
on solving big health care challenges and emphasizes the tremendous
impact it can make on the world.
The name, Solventum, captures the spirit of the independent
health care company and what motivates its more than 20,000
problem-solving professionals who work tirelessly every day to
shape the future of health. The new logo takes inspiration from the
future company's drive to never stop solving and transforms the "S"
from the name into an expressive symbol of limitlessness. It
conveys the responsive, imaginative and caring approach the company
will take in solving for patients and health care
professionals.
"This is another significant milestone on the path to building
two-world class companies, 3M and
Solventum," said Mike Roman,
3M chairman and chief executive
officer. "We continue to prepare for the spin-off, and we're
committed to driving long-term value for shareholders."
For more than 70 years, 3M's Health Care Business has been
trusted by countless customers to solve their critical needs with
quality and high-performing solutions rooted in science.
"As we build this new company, Solventum will embody our mission
of enabling better, smarter, safer health care to improve lives,"
said Bryan Hanson, chief executive
officer, 3M Health Care Business
Group. "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."
The new name and branding will go into effect when the spin-off
of the independent health care company occurs, which is expected in
the first half of 2024, subject to final approval by 3M's Board of
Directors and other required conditions. Until the spin-off, the
Health Care Business continues to be part of 3M and governed by the policies and procedures of
3M.
3M's Health Care Business will continue to focus on markets such
as: wound care, health care IT, oral care, filtration and
purification, which resulted in $8.4
billion in sales in 2022.
A website with further information about the spin-off can be
found at 3m.com/Solventum
Forward-Looking Statements
This news release contains forward-looking information about
3M's financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as "anticipate," "estimate,"
"expect," "aim," "project," "intend," "plan," "believe," "will,"
"should," "could," "target," "forecast" and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political,
regulatory, international trade, geopolitical, capital markets and
other external conditions and other factors beyond the Company's
control, including inflation, recession, military conflicts,
natural and other disasters or climate change affecting the
operations of the Company or its customers and suppliers; (2) risks
related to unexpected events such as the public health crises
associated with the coronavirus (COVID-19) global pandemic; (3)
foreign currency exchange rates and fluctuations in those rates;
(4) risks related to certain fluorochemicals, including liabilities
related to claims, lawsuits, and government regulatory proceedings
concerning various PFAS-related products and chemistries, as well
as risks related to the Company's plans to exit PFAS manufacturing
and discontinue use of PFAS across its product portfolio; (5) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (6) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31,
2022 and any subsequent quarterly reports on Form 10-Q (the
"Reports"); (7) competitive conditions and customer preferences;
(8) the timing and market acceptance of new product and service
offerings; (9) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (10) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (11) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (12) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (13) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (14) the
Company's credit ratings and its cost of capital; (15) tax-related
external conditions, including changes in tax rates, laws or
regulations; (16) matters relating to the proposed spin-off of the
Company's Health Care business, including whether the transaction
will be completed, or if completed, will be on the expected terms;
the risk that the expected benefits will not be realized; the risk
that the costs or dis-synergies will exceed the anticipated
amounts; the ability to satisfy the various closing conditions;
potential business disruption; the diversion of management time;
the impact of the transaction (or its pendency) on the Company's
ability to retain talent; potential impacts on the Company's
relationships with its customers, suppliers, employees, regulators
and other counterparties; the ability to realize the desired tax
treatment (including whether an Internal Revenue Service private
letter ruling will be sought or obtained); the risk that any
consents or approvals required will not be obtained; risks
associated with financings that may be undertaken and indebtedness
that may be incurred in connection with the transaction; and (17)
matters relating to the voluntary chapter 11 proceedings of the
Company's subsidiary Aearo Technologies and certain of its
affiliates ("Aearo Entities"), as well as the August 2023 settlement that is intended to
resolve all litigation and alleged claims involving Combat Arms
Earplugs sold or manufactured by the Aearo Entities and/or
3M. Changes in such assumptions or
factors could produce significantly different results. A further
description of these factors is located in the Reports under
"Cautionary Note Concerning Factors That May Affect Future Results"
and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in
Part I, Item 2 and Part II, Item 1A (Quarterly Reports). The
Company assumes no obligation to update any forward-looking
statements discussed herein as a result of new information or
future events or developments.
About 3M
3M (NYSE: MMM) believes science helps create a
brighter world for everyone. By unlocking the power of people,
ideas and science to reimagine what's possible, our global team
uniquely addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
Please note that the company announces material financial,
business and operational information using the 3M investor relations website, SEC filings, press
releases, public conference calls and webcasts. The company also
uses the 3M News Center and social
media to communicate with our customers and the public about the
company, products and services and other matters. It is possible
that the information 3M posts on the
News Center and social media could be deemed to be material
information. Therefore, the company encourages investors, the media
and others interested in 3M to review
the information posted on 3M's news center and social media
channels.
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