3M announced Monday that it had completed the spin-off of its health care business into the independent, publicly-traded company Solventum, which likely qualifies as its own Fortune 500 company, as well as a $10.3 billion federal settlement over “forever chemicals” in public water supplies.

Mike Roman, CEO of 3M. (Scott Takushi / Pioneer Press)

The new health care business, which began trading Monday on the New York Stock Exchange under the ticker symbol SOLV, had sales of $8.2 billion in 2023 while still part of Maplewood-based 3M. The new company spans 22,000 employees in 38 countries, including some 1,100 workers in the St. Paul area.

The revenue threshold to make Fortune Magazine’s “Fortune 500” list of the largest corporations in the United States last June was $7.2 billion. 3M retains a 19.9% stake in the outstanding shares of Solventum common stock.

Solventum’s wide-ranging products include medical-surgical devices, oral care from toothpastes and fluorides to orthodontia, home water filtration and purification systems, and healthcare information software that is used in more than 75% of U.S. hospitals.

In a statement, officials said 3M shareholders received one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18. Bryan Hanson, chief executive officer of Solventum, and other members of the Solventum leadership team were expected to present the new company to traders on Wednesday morning by ringing the bell that opens the New York Stock Exchange.

“Solventum is now better positioned to create long-term value for shareholders through a greater focus on our core business, an enhanced ability to execute on industry-specific growth and market strategies and tailored capital allocation strategies,” said Hanson, in a written statement.

3M, which launched in 1902 in Two Harbors, Minn., was founded as Minnesota Mining and Manufacturing and specialized in mining mineral deposits for sandpaper and grinding wheels. The conglomerate, best known for Post-it notes and Scotch sticky tape, has since expanded into some 600,000 products, from stationery to chemical sealants and welding helmets.

3M has faced numerous lawsuits over faulty military earplugs as well as forever chemicals known as PFAS found in public drinking water, on top of slumping demand for some of its products in the era of remote and online work.

A $6 billion settlement with servicemen impacted by hearing loss was approved in August. Shares of 3M rose Monday as the conglomerate announced that a federal court in Charleston, S.C,, had approved its $10.3 billion PFAS settlement. Payments to public water suppliers are expected to roll out across 13 years, beginning in late 2024.

“The final approval of this settlement and continued progress toward exiting all PFAS manufacturing by the end of 2025 will further our efforts to reduce risk and uncertainty as we move forward,” said 3M chairman and CEO Mike Roman, in a written statement.

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