To be broken up into pieces and sold off to various businesses.
This was decided long back by the top dogs. To be implemented 2025 to 2028, if not sooner! Mark my words.
12 replies (most recent on top)
Bryan made it clear he didn’t like the name, and the CMO was canned shortly after spin.
At this point we’re stuck with it; it doesn’t need to define our performance.
Only time will tell whether additional businesses are sold.
Selling P&F makes sense regardless of who says it, although it came quickly. Solventum Way and growth priorities took forever to roll out and still aren't done, so it’s kind of okay to have someone riding the execs to do their job. That said, doing Peltz’s bidding will not serve us well.
Wonder what happens to the pensions of the already retired Filtration former employees?
@1e9+1jmz986nd - have to agree with and especially the infinity loop S. I completely cringed during the reveal and my feelings haven’t changed. When I saw the solve being mashed up with momentum, I gasped. No easy task, but with the time and money thrown at it, hard to imagine that we couldn’t have done better.
The beginning of the end for me was the name, 'Solventum' - an embarrassing way to leave a household name. They thought we could be fooled by the mash up of Solving with Momentum...yeah, except SOLVENT is a word and makes us sound like a chemical company. The branding, the colors, and the name are just so bad, it's hard to take leadership decisions seriously.
Inge definitely borrowed cash to buy back a lot of shares to boot the share price and scare off activist investors (even though he vehemently denied that was his reason in townhalls). That was probably one of the few good decisions he made. He was also trying to save his own skin and those of his staff like Roman.
Peltz has left carcasses or weakened shells of what once great (Kraft, etc). Nooyi at Pepsi wisely avoided his pressure to split the foods from the drinks and now Pepsi is strong again. He's very shrewd but he's a one trick pony. Cut gobs of jobs and break the company into pieces, supposedly increasing shareholder value (but not really).
As bad as Inge was, even he knew that he had to keep Trian away from 3M shares. After seeing this, Inge's buyback of 3M shares make sense now, eventhough I was against it when the company did that.
Nelson Peltz is a billionaire who's enriched his friends and compliant CEOs like Bryan (should have stood up to the cocky Trian guy).
The list of companies he's invaded with 3 to 5 percent of OTHER PEOPLE'S (Trians investors) money has ki-led 10s of 1000s of jobs. Ask the people at Dupont and elsewhere.
I'm all of capitalism but not this vulture style.
Silly to do all this, destroy the company to cater to a 3% activist investor who won't stop at just P&F, when there is 3M with 19.9% and all the other shareholders around the world. These shareholders bought 3M shares (and hold Solventum shares) because they believed that there was strength and safety in diversification.
Solventum should do a Disney and stand up against Trian.
Hanson seems to have caved in to Trian. All bark and no bite. Such a sad way to be destroyed from the outside.
News snippet on Wall Street Journal article this week:
“Nelson Peltz’s Trian Fund Management plans to push Solventum to separate more of its businesses after the company sold its filtration unit, Ben Glickman of Wall Street Journal reports, citing people familiar with the matter. Trian, which held a roughly 5% stake in Solventum since the middle of last year, believes the company should separate its dental products and software businesses and focus more on its medical and surgical unit, sources told the Journal. The activist wants Solventum to cut costs in its businesses before a potential sale or spinoff, the people added. Trian plans to release a statement Wednesday saying filtration deal is a step in the right direction, they said.”
Once the company has been reduced to the medical and surgical unit, this unit will skeletonized and be run with as few employees as possible – and a tasty target for the final acquisition by a larger company. The top execs will make millions while everyone else will be left to pound sand.
Ultimately, Solventum = Imation.
do you think there will be nothing left or they will only keep wound care since its the core of the business
Agreed. 3M continues to bite us in the backside.