New Solventum layoff details emerge, including 110 Minnesota job cuts

The company anticipates creating as many as 75 new positions available to employees in Minnesota and remote as a result a reinvestment, the spokesperson said.

The company said in the presentation it has restructured corporate R&D, medical affairs and corporate marketing to align to the company’s businesses. It has also realigned thousands of roles to drive growth, it said.

Solventum announced its long-term plan to grow the company and satisfy investors on Thursday. CEO Bryan Hanson said the company has established and communicated its mission, decentralized its structure, overhauled its talent and raised the bar of excellence since the spinoff.

The company said it will stop developing products in its pipeline that don’t have the opportunity to drive growth on Thursday. It will focus on negative pressure wound therapy, intravenous-fluid site management, sterilization assurance, revenue cycle management and core restoratives as growth drivers.

“We have 70 years — 70 years — of innovation, with close to 7,000 patents,” Hanson said. “We may have lost our way recently, but we have brands in the marketplace today because of the capabilities that we have in this organization that are second to none, that are clinically preferred.”

After the spinoff, the company, Hanson said, “was more entangled than I expected, more complex, and we had more debt.”