3M’s major healthcare spin-off is staying in Minnesota — for now — under the new name Solventum, which represents the combination of the words “solving” and “momentum.”

The independent company will span some 20,000 professionals in categories such as wound care, healthcare information technology, filtration and more, resulting in some $8.4 billion in sales in 2022. That qualifies the spin-off to become its own Fortune 500 company, a threshold that Fortune Magazine said was reached when companies reported at least $7.2 billion in revenue this year.

Maplewood-based 3M’s healthcare spin-off, announced in summer 2022, has raised widespread speculation about whether the new company would seek tax and land incentives elsewhere or remain in Minnesota, which has established a medical and health technology network buoyed by major players like the University of Minnesota and the Mayo Clinic.

In a written announcement, 3M said “solving” captures the company’s “dedication to finding breakthrough solutions,” while “momentum symbolizes swifter, nimbler innovation.”

It goes on to say: “The new name represents how the independent health care company will focus on solving big health care challenges and emphasizes the tremendous impact it can make on the world. The new logo will take inspiration from the company’s future drive to never stop solving and transforms the ‘S’ from the name into an expressive symbol of limitlessness.”

The spin-off is expected to become official in the first half of 2024. Thursday’s announcement did not give an indication where the new company will be based.

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