Spin-offs/3M Company → Solventum Corporation

Solventum CorporationSOLV

Spin-off from 3M Company (MMM) · Apr 1, 2024 · NYSE

Announced

Jul 26, 2022

Form 10 filed

Feb 20, 2024

Record date

Mar 18, 2024

Distributed

Apr 1, 2024

Ratio

1 : 4

Debt loaded

—

Cash to parent

—

Latest filing

Mar 11, 2024

one share of Solventum for every four shares of 3M; at least 80.1% distributed, with 3M retaining up to 19.9%

Documents

Form 10 Information statement Announcement 8-K New company filings Parent filings

Both companies today

The new company

Solventum CorporationSOLV

Market cap

$16.0B

Moat

Narrow

Quality

Price

$91.69

Fair value

$226.98

Price / FV

0.41×

The parent

3M CompanyMMM

Market cap

$90.6B

Moat

Narrow

Quality

Price

$168.56

Fair value

$158.58

Price / FV

1.08×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Solventum is 3M's former health care business — medical surgical, dental, health information systems, and purification and filtration products — a global healthcare company built on material science, data science and digital capabilities.

Stated rationale3M said separating health care would create a stand-alone company able to invest in its own growth while 3M focuses on its industrial and consumer businesses.

The four questions

The four-question write-up for Solventum Corporation is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.