3M announced Tuesday plans to spinoff its health care business into a new public company.
The Maplewood-based company's split into two multibillion dollar businesses is part of a broader growth strategy for the global leader in manufacturing.
"The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities," Mike Roman, 3M chairman and chief executive officer, stated in a press release.
Once complete, the 3M health care spinoff will be the third-largest medical technology company in the state after Medtronic and Boston Scientific, according to the Star Tribune
The reshaping could take more than a year to complete.