State subsidy keeps 3M spinoff Solventum in Minnesota

Minnesota’s newest Fortune 500 company is officially staying put after the state approved up to $13 million in assistance toward a new headquarters in Eagan.

3M health care spinoff Solventum plans to spend $209 million upgrading a former Blue Cross and Blue Shield building on Hwy. 13, ending speculation about the seven-month-old company’s long-term plans.

“Minnesota’s support was instrumental in our decision to reinvest in the Twin Cities area,” CEO Bryan Hanson said in a news release Wednesday. “We look forward to continued growth as a global health care leader and a strong partnership with the state and city of Eagan.”

Cities around the world were trying to lure the $8 billion company, and Solventum had not publicly pledged to remain in Minnesota until now.

“We’ve worked with Solventum every step of the way on this announcement, retaining thousands of high-paying jobs and expanding opportunities for innovation, ensuring Minnesota remains the best state in the nation for health care,” Gov. Tim Walz, the Democratic vice presidential candidate, said in a statement.

The company plans to upgrade and outfit its 250,000-square-foot future home in Eagan before moving in by early 2026. Solventum is currently headquartered on the 3M campus in Maplewood.

Early details about the move indicated upwards of 1,100 jobs would remain in Minnesota if Solventum kept its home base here; the Department of Employment and Economic Development now says nearly 2,000 jobs will be retained in the state.

Solventum makes medical equipment and dental supplies and has more than 300 offices and manufacturing plants around the world.