Formerly 3M Health
Care Business, Solventum (NYSE: SOLV) enables better, smarter,
safer healthcare to improve lives
ST. PAUL, Minn., April 1, 2024 /PRNewswire/ -- Solventum (NYSE:
SOLV) announced today that its spin-off from 3M (NYSE: MMM) is complete and the newly
independent healthcare company will begin trading on the New York
Stock Exchange (NYSE) under the ticker symbol "SOLV." By pioneering
game-changing innovations at the intersection of health, material
and data science, Solventum is advancing solutions that change
patients' lives for the better — while enabling healthcare
professionals to perform at their best.
"Today Solventum marks our first day as a publicly traded
company and dedicated global healthcare leader," said Bryan Hanson, chief executive officer,
Solventum. "We're a new company with a long legacy of creating
breakthrough solutions that solve our customers' toughest
challenges. Solventum colleagues worldwide are united in our
mission to enable better, smarter, safer healthcare to improve
lives."
The Solventum business had sales of $8.2
billion in 2023 while part of 3M and is made up of 22,000 employees led by
Bryan Hanson as chief executive
officer, Wayde McMillan as chief
financial officer and Carrie Cox as
board chair.
"Solventum is now better positioned to create long-term value
for shareholders through a greater focus on our core business, an
enhanced ability to execute on industry-specific growth and market
strategies and tailored capital allocation strategies," said
Hanson.
Solventum is a proven global leader in large, diverse and
growing markets and is well positioned for success with a diverse
portfolio of strong, trusted, reputable brands and deep innovation
capabilities. Solventum solutions span across four business
segments – Medical Surgical, Dental Solutions, Health Information
Systems and Purification and Filtration. Solventum solutions are
relied on everyday within the global healthcare industry, and
ultimately contribute to higher-quality patient care, more
efficient processes and workflow, and improved standards of safety
and accuracy. For example, Solventum products have been used in
over two billion dental restoration procedures worldwide, are
estimated to treat 1.6 million hard-to-heal wounds annually,
software solutions are used in many health systems worldwide —
including over 75% of U.S. hospitals —and based on internal
estimates, membrane technology is currently used annually in more
than 25 million life-saving dialysis treatments. By listening to
healthcare providers and patients, Solventum will continue to find
new ways to achieve positive health outcomes and more efficient
care.
Hanson and members of the Solventum Leadership Team will
celebrate by ringing the Opening Bell at the NYSE on April 3.
Forward-Looking Statements
This news release contains forward-looking information about
Solventum'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 "anticipates,"
"believes," "could," "estimates," "expects," "forecasts," "goal,"
"guidance," "intends," "may," "outlook," "plans," "projects,"
"seeks," "sees," "should," "targets," ""will," "would," 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 and
geopolitical conditions, natural disasters, war, and other events
beyond Solventum's control; (2) unexpected events, such as those
related to the COVID-19 public health crisis; (3) operational
execution risks; (4) damage to Solventum's reputation or its
brands; (5) risks from acquisitions, strategic alliances,
divestitures and other strategic events; (6) Solventum's business
dealings involving third-party partners in various markets; (7)
Solventum's ability to access the capital and credit markets and
changes in Solventum's credit ratings; (8) exposure to interest
rate and currency risks; (9) the highly competitive environment in
which Solventum operates and consolidation in the healthcare
industry; (10) reduction in customers' research budgets or
government funding; (11) the timing and market acceptance of
Solventum's new product and service offerings; (12) ongoing working
relationships with certain key healthcare professionals; (13)
changes in reimbursement practices of governments or private payers
or other cost containment measures; (14) Solventum's ability to
obtain components or raw materials supplied by third parties and
other manufacturing and related supply chain difficulties,
interruptions, and disruptive factors; (15) legal and regulatory
proceedings and legal compliance risks (including third-party
risks) with regards to antitrust, FCPA and other anti-bribery laws,
environmental laws, anti-kickback and false claims laws, privacy
laws, tax laws, and other laws and regulations in the United States and other countries in which
Solventum operates; (16) potential liabilities related to PFAS;
(17) risks related to the highly regulated environment in which
Solventum operates; (18) risks associated with product liability
claims; (19) climate change and measures to address climate change;
(20) security breaches and other disruptions to information
technology infrastructure; (21) Solventum's failure to obtain,
maintain, protect, or effectively enforce its intellectual property
rights; (22) pension and postretirement obligation liabilities;
(23) any events that adversely affect the sale or profitability of
one of Solventum's key products or the revenue delivered from sales
to its key customers; (24) any failure by 3M to perform any of its obligations under the
various separation agreements entered into in connection with the
separation and distribution; (25) any failure to realize the
expected benefits of the separation; (26) a determination by the
IRS or other tax authorities that the distribution or certain
related transactions should be treated as taxable transactions;
(27) the possibility that any consents or approvals required in
connection with the separation will not be received or obtained
within the expected time frame, on the expected terms or at all;
(28) indebtedness incurred in the financing transactions undertaken
in connection with the separation and risks associated with
additional indebtedness; (29) the risk that incremental costs of
operating on a standalone basis (including the loss of synergies),
costs of restructuring transactions and other costs incurred in
connection with the separation will exceed Solventum's estimates;
(30) the impact of the separation on Solventum's businesses and the
risk that the separation may be more difficult, time-consuming or
costly than expected, including the impact on Solventum's
resources, systems, procedures and controls, diversion of
management's attention and the impact on relationships with
customers, suppliers, employees and other business
counterparties.
Changes in such assumptions or factors could produce
significantly different results. A further description of these
factors is located under "Cautionary Note Regarding Forward-Looking
Statements" and "Risk Factors" in the Information Statement
included in the registration statement on Form 10 filed by
Solventum with the Securities and Exchange Commission in connection
with the spin-off. Solventum assumes no obligation to update any
forward-looking statements discussed herein as a result of new
information or future events or developments.
About Solventum
At Solventum, we enable better, smarter, safer healthcare to
improve lives. As a new company with a long legacy of creating
breakthrough solutions for our customers' toughest challenges, we
pioneer game-changing innovations at the intersection of health,
material and data science that change patients' lives for the
better — while enabling healthcare professionals to perform at
their best. See how at Solventum.com.
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SOURCE 3M Healthcare US Opco
LLC
