Maplewood-based Solventum, a healthcare spinoff of 3M, is considering selling its purification and filtration business, the Wall Street Journal reported Thursday, citing anonymous sources.
Solventum’s business unit, which sells purification products used in commercial spaces and homes, had sales of $238 million in its most recent financial quarter, down $10 million from the same period last year, when it was still part of 3M. Solventum’s stock price rose more than 3% following the release of the report on Thursday.
“Solventum does not comment on rumors or speculation,” a company spokesperson said in a statement.
Solventum was spun off from 3M on April 1st. In August, CEO Brian Hanson told investors that the company’s “transformation and turnaround” included buying and selling parts of the business to optimize its portfolio around high-growth products. He said it would be an important strategy.
“We are exploring portfolio optimization paths through inorganic means to bring further strategic clarity, organizational focus and value creation,” Hanson said. “As a result, we actively evaluate our various markets and businesses and their value contributions to achieve our strategic and financial priorities.”
The company also operates divisions that sell dental products, health information systems, and medical and surgical products. Purification’s sales of $238 million were the lowest of the four divisions in the most recent quarter, and its three-month operating margin was 8%.
Manufacturing and medical technology companies such as Medtronic and DuPont have announced spinoffs in recent years. 3M CEO William Brown said on an investor conference call this week that the company is actively reviewing its portfolio and is in the early stages of selling some of its smaller businesses. did.
