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Covidien plc, the Irish health care products company with U.S. headquarters in Mansfield, has been given approval by its board for a $2 billion stock repurchase program.

In a press release, Covidien (NYSE: COV) executives said that the stock buyback plan was a reflection of the company’s “confidence in the continued growth of Covidien’s business” and that the company has “no intention of accumulating cash.”

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