Polypore In Settlement Agreement With Sumitomo Chemical

(RTTNews) - Polypore International Inc. (PPO) and Sumitomo Chemical Co. Ltd. on Friday entered into a Settlement and License Agreement which ends all outstanding worldwide litigation between the two companies related to Polypore's intellectual property rights on battery separator coating.

Under the License Agreement, Sumitomo Chemical has licensed Polypore's intellectual property related to coating separators for lithium-ion batteries. The financial terms of the Agreement include an up-front payment to Polypore as well as recurring royalties.

"This agreement confirms the integrity of our intellectual property around ceramic coating of separators for lithium-ion batteries. In addition to the financial consideration of the licensing arrangement, we are pleased that this agreement establishes the opportunity for Polypore and Sumitomo to work together to address growing market needs, which we expect to benefit both companies," said Robert Toth, Chief Executive Officer of Polypore.

Polypore International is a high technology filtration company specializing in microporous membranes.