By Ben Glickman


3M's board of directors has approved the spinoff of the company's healthcare business, with the official split set for early next month.

The St. Paul, Minn.-based company said Friday that the spinoff of the unit, which will be called Solventum Corp., would occur on April 1. The new company has applied to trade on the New York Stock Exchange under the ticker SOLV.

Shareholders of 3M as of March 18 will be eligible to receive one share of Solventum for every four of 3M.

3M will retain about 20% of the company after the distribution. That stake will be monetized within five years.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

03-08-24 1221ET