3M CO MMM → Solventum Corporation SOLV
| Parent | 3M CO MMM |
|---|---|
| Spinco | Solventum Corporation SOLV |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Solventum share for every 4 3M shares |
| Parent retains | 19.9% |
| Checked against EDGAR | 2026-08-22 |
Data trap
This deal breaks the usual timing pattern, and the break matters for anyone measuring a return. Most distributions take effect after the close, leaving the distribution date itself a when-issued session. Solventum's took effect at 3:30 a.m. Eastern, before the open, so April 1 was already a regular-way session and is the correct day-zero price. A rule that mechanically skips the distribution date would price this one a day late. 3M also retained 19.9 percent, so distributed shares are short of shares outstanding.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-07-26Separation announced
- 2024-02-20Form 10 filed
- 2024-03-11Form 10 last amended
- 2024-03-13Form 10 effective
- 2024-03-18Record date
- 2024-03-26When-issued trading opens
- 2024-04-01Distribution
- 2024-05-09First standalone earnings
- —Index inclusion announced
Performance since separation
| Solventum Corporation since separation | +29.62% |
|---|---|
| 3M CO over the same window | +90.34% |
| S&P 500 (SPY) over the same window | +46.64% |
| Russell 2000 (IWM) over the same window | +43.99% |
| Excess over the S&P 500 | -17.02% |
| Excess over the Russell 2000 | -14.37% |
Measured from the first regular-way close on or after the distribution — 2024-04-01 at 69.10 — to 2026-08-21 at 89.57. Window: 2.4 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -24.64% |
|---|---|
| Combined (3M CO + Solventum Corporation), pre-distribution to now | +127.06% |
| Combined excess over the S&P 500 | +80.67% |
| Combined excess over the Russell 2000 | +84.43% |
Combined treats a pre-spin holding as 1 Solventum share for every 4 3M shares valued at the parent's last close before regular post-spin trading resumed — 2024-03-28 at 88.68 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2024-02-20 · 0001628280-24-005591Initial Form 10 registration statement
- 10-12B/Afiled 2024-03-11 · 0001628280-24-010270Final amendment; Ex-99.1 information statement carries the 1-for-4 ratio, the March 18 record date and the 3:30 a.m. Eastern April 1 distribution
- 8-Kfiled 2024-03-13 · 0001628280-24-010988Form 10 declared effective March 13, 2024; when-issued from about March 26 ending March 28; regular-way April 1
- 8-Kfiled 2024-04-04 · 0001628280-24-014887Completion: pro rata distribution of 80.1 percent effective 3:30 a.m. Eastern on April 1, 2024
- 10-Qfiled 2024-05-10 · 0001964738-24-000013First periodic report; cover reports 172,709,505 shares outstanding as of the distribution date
Notes
3M's separation of its health care business, one of the largest health-care spin-offs on record. Classified focus-increasing despite parent and spinco sharing a four-digit SIC: 3M's remaining business is industrial, safety and consumer products, and the SIC code describes its medical segment rather than the company that stayed.