Patent suits between the companies had been filed in countries including Germany, South Korea and in the United States of America.

Settlement of the suits are expected to be finalized by the end of August, 2012, according to a joint press release by the companies.

“As part of the settlement, the parties have reached license agreements for 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,” the statement said.

“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 VP and General Manager of Samsung Electronics’ LED Business.