3M Co. (MMM) has announced the name of the health care company it plans to spin off as Solventum. This name is derived from the combination of "solving" and "momentum." The spinoff, which was initially announced in July 2022, is anticipated to be completed in the first half of 2024.
Solving Breakthrough Solutions with Momentum
The name "Solventum" reflects the company's commitment to finding breakthrough solutions. By combining the word "solving," the company captures its dedication to innovation. The term "momentum" symbolizes the company's agility in driving faster and more nimble advancements in the health care industry.
Impressive Performance of 3M's Health Care Business
3M's health care business, with a remarkable history spanning over 70 years, reported $8.4 billion in sales in 2022. This segment includes popular products like Post-it Notes, Scotch tape, Command strips, and N95 face masks.
Stock Performance and Positive Momentum
Although 3M's stock experienced a slight decrease of 0.1% in morning trading, it has demonstrated a remarkable recovery since its 11-year low of $85.60 on Oct. 23, with a significant surge of 11.3%. This recovery was fueled by third-quarter earnings that surpassed expectations.
Despite recent gains, the stock has still experienced a decline of 20.6% year to date, while the Dow Jones Industrial Average (DJIA) has seen a gain of 5.1%.
