In a strategic move towards its planned spin-off, 3M has unveiled the name "Solventum" for its upcoming independent health care company. The name, derived from the words "solving" and "momentum," captures the essence of the company's commitment to finding breakthrough solutions and its focus on swift, nimble innovation.
The name Solventum underscores the company's dedication to solving significant health care challenges and highlights the impact it aims to make on a global scale. The fusion of "solving" represents the company's dedication to addressing critical needs and listening closely to health care professionals, while "momentum" symbolizes its commitment to swift and agile innovation that propels it past barriers towards breakthroughs.
Mike Roman, Chairman and CEO of 3M, emphasized the significance of this announcement, marking another milestone on the journey to building two world-class companies, 3M and Solventum. He expressed the company's commitment to driving long-term value for shareholders as it progresses towards the spin-off.
3M's Health Care Business, with a legacy spanning more than 70 years, has earned the trust of numerous customers by delivering quality and high-performing solutions rooted in science. The creation of Solventum represents a strategic initiative to shape the future of health independently.
Bryan Hanson, CEO of 3M Health Care Business Group, emphasized that Solventum will embody the mission of enabling better, smarter, and safer health care to improve lives. The name reflects the identity of the team as problem solvers committed to creating innovative solutions that touch millions of lives, transform the patient experience, and save time for health care professionals.
The new logo transforms the letter "S" from the company's name into an expressive symbol of limitlessness, in keeping with its commitment to never stop solving. It encapsulates the responsive, imaginative, and caring approach that Solventum intends to take in solving challenges for patients and health care professionals alike.
The rebranding and adoption of the Solventum name are slated to take effect upon the completion of the spin-off of the independent health care company. This significant development is anticipated to occur in the first half of 2024, subject to final approval by 3M's Board of Directors and fulfillment of other required conditions.
Up until the spin-off, 3M's health care division remains a crucial component of the business and is subject to its rules and regulations. The business will continue its focus on key markets, including wound care, healthcare IT, oral care, filtration, and purification, which collectively generated $8.4 billion in sales in 2022. As Solventum takes shape, it positions itself as a dynamic force in the healthcare industry, driven by innovation and a commitment to enhancing the well-being of individuals globally.
