@198 so true. Everyone is afraid to put in the extra effort, in fear that they are next to be Solventum Wayed
8 replies (most recent on top)
We can now see that everything Hanson said previously were lies. He played all of us. We believed in a company that made right the poor decisions of 3M, and now it looks the same. 3M is probably looking better at the moment. It isn't that the grass is greener, we were moved into Solventum, we were forced to eat the grass, were told that the poor quality grass will eventually change into wonderful grass. And here we are, more cr-ppy grass and we get told that if you don't like this grass, go elsewhere.
@14z Yes this. Zero chance they care about change. I posted a question in a town hall, something along the lines of: "Solventum has spun-off, we've had layoffs, sold P&F, and we're talking about being serial acquirers. Is there a point at which we can expect more stability so we can focus on growing into our identify as a new company together?"
Something like that, anyway. I specifically asked because I swear there was previous rhetoric from Bryan like, "I know this is a stressful time [it was closer to post-spin] with a lot of change. Do me a favor and keep pushing, it won't be like this forever."
He answered my question more or less: "Well, if you don't like change, maybe Solventum isn't for you."
It's all about maximizing money, not about the people or shielding them from change. Just think about how many Thermo employees possess Solventum "founder's coins."
@106+1jys4hfpk - you used the words “as the story goes,” likely on purpose. I’m not sure Bryan or Solventum really care about what happens to the water business after the sell off. I’d like to think that they do, but in reality, the water business was probably complicating or slowing down the close too much. Eliminating that from the equation speeds it up by months. So, earlier close means quicker cash for Solventum. It might be a good deal for Solventum in the end. They will get way more than $100M from the right buyer.
As the story goes, once Solventum learned that Thermo was going to turn around and immediately sell water filtration, Solventum choose to retain the group to keep them from going through unnecessary change.
The evaluation only dropped $100M. I think Solventum thinks they can sell water for more than that. Not clear why Thermo wouldn't demand more of a discount, I guess this saves them some headache too.
@r5 it's possible micromanaging activist investor Nelson Peltz of Trian just can't be bothered this week about such minutia. Perhaps he's bankrolled another fireworks festival. 40 million dollar man Bryan won't say boo until his master tells him what to say.
This is so sad! SOLV was poised for a bright future. Now it's Trians toy.
I just figured Thermo didn't want the commoditized water filtration business, and/or Solventum thinks:
(BioPharma to Thermo) + (water to other buyer) > all P&F to Thermo
I don't know how the financials work out, though. Does Thermo get a bit of a price break vs. the full $8B in exchange for declining to take water filtration? Kind of interesting how this played out, as initially everyone in water thought they would for sure be sold off, with Solventum retaining BioPharma where the growth/innovation was. Now it's the reverse (though I figure just until they land a buyer, it's not like water is going to stay with Solventum).
Shows how desperate Solv is to sell off P&F compared to how much Thermo wants P&F. Thermo holds the cards, not the spinless Solv.