On Monday, 3M made two major announcements that caused its shares to rise by 3.3%. The first announcement was the completion of the spinoff of Solventum, its health care unit, which started trading on the NYSE under the symbol SOLV. Shareholders of 3M received one share of Solventum for every four shares of 3M they owned as of March 18, with the intention of it being a tax-free transaction. The second announcement was that 3M received final approval from a federal court in a $10.3 billion settlement regarding “forever chemicals” with public water utilities. The agreement involves payments spread out over 13 years, with the first installment expected in the third quarter of this year. The company is committed to exiting all manufacturing of those chemicals by 2025 to reduce risk and uncertainty.
Solventum’s inclusion in the S&P 500 came at the expense of V.F. Corp., which was removed from the index after failing to meet certain criteria. By completing this spinoff, both companies are now positioned to pursue their growth and capital allocation plans separately, according to CEO Mike Roman.
Following these announcements, shares of Solventum and V.F. Corp fell by 3.6% and 0.6% respectively by 11:20 a.m ET on Monday while shares of 3M rose by an impressive amount due to these news
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