(iTers News)- Samsung Electronics Co., Ltd. and OSRAM AG have reached an agreement to settle all patent suits file against each other, putting an end to years-long patent wars on LED chips.

The patent suits between both companies have been filed in various countries, including  Germany, Korea and the United States, just to name three.

Under the settlement, both companies will dismiss all suits as expeditiously as possible effective from the end of August, 2012 when the final agreement are scheduled to be reached.

As part of the settlement, the parties have reached license agreements to licenses each other to use their respective LED patent portfolios. The parties have also signed a separate memorandum of understanding to explore the possibilities of jointly developing future LED-based products.

“We are glad to enter with Samsung in a new area of partnership-based competition. We respect the intellectual property rights of other companies and it is our ongoing policy to reach license agreements with other manufacturers of LED products. Along these lines, we appreciate this out-of-court settlement with Samsung,” said Wolfgang Dehen, CEO of OSRAM AG.

“With the patent suits now behind us, we look forward to building a strategic relationship with OSRAM on a number of different fronts. There is a great deal of respect and also competition between the two companies. We believe the two companies now have an opportunity to significantly contribute to the LED industry and offer better products to our customers,” said Namseong Cho, Executive Vice President and General Manager of Samsung Electronics’ LED Business.

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