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Home Industry News Covidien authorises new share repurchase programme

Covidien authorises new share repurchase programme

18th March 2010

Covidien has underlined its confidence in its business prospects by announcing the commencement of a new share repurchase programme.

The medical solutions company’s board of directors has authorised the purchase of up to $1 billion (653 million pounds) of ordinary shares, offsetting dilution related to equity compensation plans.

In addition to this, the firm has also declared its latest quarterly cash dividend of 18 cents per share, which will be payable to shareholders on May 14th 2010.

Richard Meelia, chairman, president and chief executive officer of Covidien, stated that these moves reflect its belief in the firm’s future growth potential.

He said: “We remain committed to maintaining a strong balance sheet and are confident that this program will allow us to continue to pursue strategic opportunities for growth.”

Last week, the company was granted regulatory approval by the Food and Drug Administration for the use of molybdenum 99 from Poland’s Maria Research Reactor to create vital medical isotopes.

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