3M to name its health care spinoff 'Solventum'

3M Co. (MMM) said Thursday the name of the health care company it plans to spin off will be Solventum, which comes from combining "solving" and "momentum." The spinoff, which was announced in July 2022, is expected to be completed in the first half of 2024. "'Solving' captures the company's dedication to finding breakthrough solutions," while "'Momentum' symbolizes swifter, nimbler innovation," the company said. 3M, which makes Post-it Notes, Scotch tape, Command strips and N95 face masks, said its more-than 70-year old health care business recorded $8.4 billion in sales in 2022. 3M's stock eased 0.1% in morning trading, but has soared 11.3% since closing at an 11-year low of $85.60 on Oct. 23. The rally was kicked off by third-quarter earnings that beat expectations by a wide margin. Meanwhile, the stock has still tumbled 20.6% year to date, while the Dow Jones Industrial Average has gained 5.1%.

-Tomi Kilgore

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11-16-23 1122ET

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