Samsung Display and LG Display have decided to put aside their courtroom rivalry and direct focus and resources toward "upgrading their competitiveness globally."
Samsung Display and LG Display, the world's top most contenders in display panel manufacturing, have finally settled the year-long battle against each other over display technology patents. The legal battle started off with both companies slapping a series of lawsuits against each other starting September 2012. But now a settlement between the CEOs of both firms has resulted in a peaceful solution with a sensible thought.
"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,'' said Samsung Display in a statement.
LG Display also echoed Samsung Display's sentiment on cooperating with each other.
"What's most important for both of us is upgrading our competitiveness globally," LG said, according to Mashable.
LG Display and Samsung Display accused each other of breaching their respective LCD and OLED technology copyrights. LG sued Samsung for patent infringement of its OLED technology while Samsung accused LG for stealing confidential information through its employees, in September last year. Later in December, Samsung sued LG for stealing its LCD technology and slapped a lawsuit.
In February, Seoul's trade minister called the CEOs of both firms for settlement talks, for the betterment of both companies.
South Korea's top two panel makers strongly competed against each other in bringing the latest technology to the market. The growing interest for slim displays with higher resolutions for small and large screen devices like smartphones and tablets, has nurtured great inventions. Samsung Display manufactures screens for its own Galaxy smartphones, tablets and televisions and LG Display builds screen for its own smartphones as well as Samsung's biggest rival Apple.
Samsung Electronics takes the lead in being the largest TV maker in the world, while LG Electronics ranks in the second position. Both TV makers launched their newest curved OLED displays for televisions, marking the future of TV technology.
