South Korean electronic giants Samsung and LG have agreed to end a year-long battle over display technology patents that spawned a series of lawsuits.
LG Display and Samsung Display—respectively the world's top and number two display panel manufacturers—had locked horns over a number of patents for next-generation display technologies for TVs and other devices.
"It was agreed that we two should focus more on cementing our leadership in the global market by cooperation, instead of engaging in all-consuming patent disputes," Samsung Display said in a statement late Monday.
"What's most important for both of us is upgrading our competitiveness globally," LG said.
The two firms had accused each other of stealing liquid-crystal display (LCD) and organic light-emitting diode (OLED) technology and key engineers.
The OLED technology helps produce screens that are thinner, consume less power and offer a sharper picture than conventional flat-panel panels and is seen as a future growth driver in the TV market.
The two rivals' mother companies—Samsung Electronics and LG Electronics—are the world's top and second-largest TV makers respectively.
LG claimed last year that key Samsung products, including its global hit Galaxy S smartphones, violated LG's OLED technology and sought financial damages and injunction against five Samsung devices.
The high-profile dispute led Seoul's trade minister to arrange a meeting between the two firms' CEOs in February.
Explore further: New iPhones deliver big profits for Apple (Update)