3M Completes Healthcare Spin-off, Solventum Debuts on NYSE
The industrial conglomerate's move to spin off its healthcare division and a major legal settlement boost its stock, while its new healthcare entity begins trading.
- 3M successfully completed the spin-off of its healthcare business, Solventum, which is now listed on the NYSE under the ticker symbol SOVL.
- Solventum is expected to become Minnesota's latest Fortune 500 company and has started trading on the New York Stock Exchange and entered the S&P 500.
- 3M retained a 19.9% stake in Solventum and plans to monetize it over the next five years.
- A federal court has approved 3M's $10.3 billion settlement over 'forever chemicals,' with the first installment due in the third quarter of this year.
- Shares of 3M rose following the spin-off and settlement news, while Solventum shares experienced a slight decline.
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