Covidien plans buyback of up to $1 billion

By Mass High Tech staff

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Irish medical device maker Covidien PLC, which has its U.S. headquarters in Mansfield, announced today that its board of directors approved a plan to buy back up to $1 billion of the company’s stock, based on market conditions.

The company also noted that it plans to pay shareholders a quarterly cash dividend of 18 cents per share.

Covidien (NYSE:COV) shares were up 2.14 percent as of publication.

Covidien announced last week that it bought the assets of Orthofix International NV’s vascular business.

Led by chairman, president and CEO Richard Meelia, Covidien operates Covidien Imaging Solutions and Pharmaceutical Products, also known as Mallinckrodt Inc. in St. Louis, Mo., and employs 42,000 workers worldwide. Covidien reported sales of $10.7 billion in 2009.

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