12:17 PM EST, 03/08/2024 (MT Newswires) -- 3M ( MMM ) said Friday its board approved the planned spin-off of its health care business, which will be known as Solventum.

Solventum, expected to separate on April 1, has applied to list on the New York Stock Exchange under the SOLV ticker.

3M ( MMM ) shareholders will receive one share of Solventum for every four held in 3M ( MMM ) at the close of business on March 18, the company said, adding 3M ( MMM ) shareholders would end up holding 80.1% of Solventum's outstanding shares following the split with the rest to be retained by 3M ( MMM ) which plans to monetize its portion of the stocks within five years following the spin-off.

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