3M has unveiled plans to spin off its Health Care business, resulting in two public companies. The New 3M will remain a global material science company serving customers across a range of industrial and consumer end markets, and Health Care will be a global healthcare technology company focused on wound care, healthcare IT, oral care and biopharma filtration.

“Today’s actions advance our ability to create value for customers and shareholders,” said Mike Roman, CEO, 3M. “Disciplined portfolio management is a hallmark of our growth strategy. Our management team and board continually evaluate the strategic options that will best drive long term sustainable growth and value. The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities.”

New 3M: A Leading Global Material Science Innovator

New 3M, with $26.8 billion in sales in 2021, will remain a leading global material science innovator, powered by an operating model rooted in science and technology, manufacturing, global capabilities and iconic brands. The company will continue to leverage its unique and differentiated innovation to capitalize on customer opportunities aligned with key global megatrends such as electronics, safety, mobility, digitization, home improvement and sustainability.

Health Care: A Leading Global Diversified Health Care Technology Company

Health Care, with approximately $8.61 billion in sales in 2021, will be a diversified healthcare technology leader with a deep and diverse portfolio of trusted brands, global capabilities and leadership in attractive end market segments such as wound care, oral care, healthcare IT and biopharma filtration.