Material science company 3M said it plans to spin off its healthcare ventures into two publicly traded companies, New 3M and Health Care, by the end of 2023.
"The New 3M will remain a leading global material science innovator serving customers across a range of industrial and consumer end markets, and Health Care will be a leading global diversified healthcare technology company focused on wound care, healthcare IT, oral care and biopharma filtration," the conglomerate said in a July 26 news release.
In 2021, New 3M brought in $26.8 billion in sales, and Health Care collected $8.6 billion, according to 3M.
The transaction is pending approval from the company's board of directors, the IRS and the Securities and Exchange Commission.