Solventum - A Separation Crisis

Activist campaign demanding Solventum restore performance to historical levels after an alarming post-spin decline. Trian argues that despite being 3M's best-performing division with consistent 3-4% organic growth at 26% EBIT margins, Solventum now delivers near-zero growth at 20% margins—making it one of the worst-performing spins in a decade. The campaign calls for an ambitious Long Range Plan that reverses declines through increased growth investments funded by overhead savings, portfolio simplification of non-core businesses (Dental, Health Info Systems, Purification & Filtration), and disciplined capital allocation including deleveraging and eventual shareholder returns.