An activist investment fund is growing a major stake in 3M’s new publicly-traded health care spinoff, Solventum, with the goal of “simplifying” the Maplewood company’s wide-ranging portfolio of businesses.

“Trian is one of the largest shareholders of Solventum … (and) has long admired 3M Health Care, recognizing that the division had consistently been one of the best performing businesses inside of 3M,” reads a statement issued Monday by Trian Fund Management, which is led by principal Nelson Peltz.

“Trian believes the company can unlock its potential through re-accelerating organic growth, restoring margins while investing to drive growth, and simplifying the company’s portfolio of businesses,” reads the statement. “Trian looks forward to engaging constructively with Solventum’s management and board.”

Bloomberg News reported Monday that Trian had bought a major stake in Solventum, which is known as a maker of medical equipment, including sterilization devices, wound dressings, medical tapes and other hospital consumables, but also markets health information management technology and consulting related to health records, billing and analytics. The company, which employs upwards of 20,000 worldwide, began trading on the New York Stock Exchange in April and reported first-quarter net sales of $2.02 billion.

It was not reported how big a stake Trian holds.

Founded in 2005, the Trian Group until recently owned more than $3.5 billion in common stock in The Walt Disney Co., and has taken active roles in what it describes on its website as “high quality but undervalued and underperforming public companies,” often by installing Peltz or other Trian leaders on their corporate boards. Over the past three years, those companies have included Procter & Gamble, Sysco, Invesco, the Janus Henderson Group and Unilever.

The report came out after market close; shares in Solventum, flat during regular trading Monday, jumped 4% after-hours.

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