Solventum creates a fully independent treasury infrastructure post 3M spin-off

Best Cash Pooling Solution

Overall Winner

Solventum Corp.

Photo of Olga McDonald and Elvira D’Amore, Solventum Corp. and Shelly Yen, J.P. Morgan.

Elvira D’Amore

VP & Assistant Treasurer, Global Treasury Operations

Rebecca Hirschboeck

VP, Assistant Treasurer, Capital Markets

Alan Butler

EMEA Treasurer

David Ash

Director, Finance (DCM)

Mathieu Jublot

Treasury Manager

Olga McDonald

Sr. Treasury Analyst

Kevin Jennings

Sr. Manager Technology

Guillermo Bermeo

Americas Treasury Manager

Candice Lian

APAC Treasury Manager

United States

Solventum Corporation is an American healthcare company that was spun off from 3M on 1^st April 2024.

in partnership with

The challenge

Ahead of its April 2024 spin-off from 3M, Solventum faced the task of building a fully independent treasury infrastructure from the ground up. With only eight months to execute, the treasury team was required to stand up global operations across 30 banks, 75 entities in 33 countries, supporting activity in 20 currencies and opening 268 bank accounts.

The compressed timeline, combined with a complex global footprint, made speed, precision and scalability essential. The challenge was further intensified by fragmented liquidity, underdeveloped banking markets and varied regulatory requirements across jurisdictions.

The solution

Solventum partnered with J.P. Morgan Payments to design and implement a scalable, best in class treasury operating model that transformed the function from a transactional service into a strategic business partner. The solution established a sophisticated multicurrency notional pooling structure in Dublin, selected for its ability to deliver real-time global cash visibility, optimise cross border funding and provide operational stability across a complex international footprint.

Working closely with J.P. Morgan Payments and other banking partners, the treasury team executed a series of debt tenders and term loan paydowns. This proactive balance sheet strategy exceeded market expectations and contributed to credit rating upgrades from both S&P and Fitch within the first 18 months.

Best practice and innovation

The judges awarded Solventum for establishing a fully independent treasury infrastructure post its spin-off from 3M. The cornerstone of this project is the establishment of a sophisticated multicurrency notional pooling structure in Dublin which has delivered some outstanding interest earnings and foreign exchange savings. The cash pooling solution has been a critical component of this impressive transformation journey.

Rather than rebuilding infrastructure, Solventum maximised value from existing systems by adding sophisticated capabilities incrementally. This allowed treasury to maintain operational stability while rapidly expanding its strategic impact.

The multicurrency notional pool, combined with real-time cash visibility and sophisticated hedging supported by the implementation of FireApps, set a new benchmark for newly independent companies and enabled global liquidity access for subsidiaries without substantial capital contributions, that helped to avoid trapped cash in restricted locations.

The innovation lies in the speed and scope of transformation achieved with limited resources. Within 18 months of spinning off, Solventum’s treasury team progressed from basic cash management to implementing complex debt optimisation strategies, supporting simultaneous divestiture and acquisition transactions and running comprehensive hedging programmes that protect against currency and interest rate volatility, stabilising financial performance.

“In less than 18 months, we didn’t just stand up the essentials – we built a durable treasury foundation deeply rooted for long-term success. That foundation has been essential in allowing treasury to elevate itself to a valued partner across the enterprise, helping leaders move faster, manage risk and advance strategic priorities with confidence,” says Rebecca Hirschboeck, VP, Assistant Treasurer.

Key benefits

Cost savings.
Process efficiencies.
Risk mitigation.
Number of banking partners/bank accounts reduced.
Exceptional implementation (budget/time).
Future-proof solution.
Improved key performance indicators (KPIs) or metrics.
Improved visibility.
Increased automation.
Increased system connectivity.

Solventum wanted to shift from simply keeping operations running to driving strategic value through its treasury function. This evolution delivered results that exceeded those goals. Financially, the transformation generated US$18m in interest earnings and nearly US$2m in interest cost savings through optimised liquidity management and strategic debt reduction through 2025.

The accelerated programme resulted in a strengthened balance sheet and credit rating upgrades from both S&P and Fitch, reduced borrowing costs and improved financial flexibility. These improvements contributed directly to earnings per share growth.

Strategically, treasury supported complex M&A activity that would have been unmanageable with basic infrastructure. The team supported US$4.75bn in combined M&A transactions while maintaining operational continuity including increased operational performance.

Team members were responsible not only for designing future state capabilities, but for ensuring that payments flowed, vendors were paid on time, and cash was visible every day. In a healthcare environment where supply continuity matters, failure was not an option.

As organisations continue navigating increasingly complex global liquidity structures, treasury teams are placing great focus on visibility, flexibility, and operational efficiency. Actualize Consulting was honoured to support Solventum in implementing a multicurrency notional pooling structure that strengthened cash visibility and liquidity optimisation across regions while supporting their broader treasury transformation journey. We are thrilled to see the team at Solventum recognised for this achievement and congratulate the entire team on this well-deserved recognition.

in partnership with

Shelly Yen

Executive Director, Payments Sales Manager, J.P. Morgan Payments

In just eight months, Solventum built a best in class global treasury structure supporting operations across 33 countries following its spin-off from 3M. By partnering with J.P. Morgan in implementing a multicurrency notional pool and advanced hedging programs, Solventum Treasury powered US$4.75bn of M&A transactions, accelerated debt reduction, and supported credit rating agency upgrades. This remarkable transformation delivered operational efficiency and strategic value, establishing Solventum’s treasury as a model for newly independent companies. We are incredibly proud of this collaboration, and on behalf of J.P. Morgan, we congratulate the Solventum team on this outstanding win.

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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

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