3M Co. (MMM) and Avery Dennison Corp. (AVY) said Friday that they have settled the lawsuits brought by 3M against Avery Dennison in the U.S. and the Netherlands for alleged infringement of 3M's patents involving pressure sensitive adhesives for large format graphics.
As part of the global settlement, Pasadena, California-based adhesive label maker Avery Dennison is now licensed under 3M patents to sell its earlier and existing Easy Apply Technology products in the large format graphics market. The license also includes a cross-license to 3M, a maker of Scotch tape and Post-It notes, for related Avery Dennison patents.
The financial terms of the litigation settlement and license were not disclosed.
3M shares are currently trading at $93.31, down 8 cents, while Avery Dennison shares are currently trading at $57.00, down 33 cents.
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