***Solventum (NYSE: SOLV), formerly the Health Care division of 3M, has initiated a series of workforce reductions.***
The Star Tribune of Minnesota first reported the development through a video message by CEO Bryan Hanson directed to the Twin Cities headquarters’ staff. As highlighted in the newspaper, Hanson stated: “The decision to cut these roles stems from our efforts to realign investments, yet it doesn’t diminish the significance of the valued employees affected. Indeed, they matter greatly.”
In an official statement this evening from a spokesperson via MassDevice, Solventum confirmed the development:
“With just eight months under our belt as a new entity, we are aiming to align the company for future endeavors. Our objectives are well-defined: fostering a framework to support a brisk and adaptable culture while channeling strategic investments for growth. Consequently, we’ve faced the tough choice to remove certain roles across the company to enable us to bolster investment in promising sectors. These choices were painstaking and impacted team members will receive support. We remain adamant in investing in our workforce and recruiting talent that matches our strategic aims.”
The number of employees impacted remains uncertain at this stage.
Based on this year’s Medtech Big 100 report, Solventum ranks as the 17th largest global medical device firm, boasting 22,000 employees and $8.2 billion in annual revenue.
This layoff announcement follows nearly a month after Solventum revised its annual guidance upwards after surpassing Q3 earnings expectations. “Our commencement has been eventful, and we are confident that our three-phase strategy will propel sustained growth and value creation,” Hanson had asserted earlier.
Moreover, Solventum is investing $209 million in establishing a modern headquarters in Eagan, positioned south of Minneapolis and St. Paul. The company transitioned from its parent firm, 3M, in April.