By Denny Jacob
Zebra Technologies Corp. said it agreed to pay Honeywell International Inc. $360 million for past damages as part of a license and settlement agreement to resolve all patent-related litigation between the two companies.
Zebra, an automatic identification and data capture product manufacturer, and Honeywell, a software industrial company, each deny liability and agreed to a mutual general release from all past claims and entered into a covenant not to sue for patent infringement, according to a securities filing.
The payment for past damages will be charged to Zebra's second-quarter results and will be paid in equal quarterly installments over eight quarters, according to the filing.
The two companies also entered into a royalty-free cross-license with respect to each side's existing patent portfolio for the lives of the licensed patents, according to the filing. The agreement also provides for Zebra and Honeywell to dismiss all pending intellectual property litigation in U.S. district courts, the U.S. International Trade Commission and courts outside the U.S., according to the filing.
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(END) Dow Jones Newswires
June 30, 2022 17:04 ET (21:04 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.