-- (Updates with Solventum's response to a request for comment.)
Solventum (SOLV) is being significantly "under-managed" following its spin-out from 3M (MMM) and must take steps to restore its performance, Trian Fund Management said Thursday in an open letter to Solventum's board.
Trian, which owns nearly 5% of Solventum, said the company should right-size overhead costs, simplify its portfolio, and improve capital allocation.
"The Solventum Board and management team have engaged constructively and continuously with Trian since it became a shareholder and fully share the objective of maximizing shareholder value," a Solventum spokesperson toldvia email.
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