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, President
and Chief Executive Officer of Polypore. "As interest in coated
separator solutions continues to grow, we believe that the combined
strength of our intellectual property, Sumitomo's technical expertise
in coating and the exceptional performance characteristics of our
separator material create an attractive solution for meeting the growth
needs of existing and future customers."