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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. 

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