American gun maker Smith & Wesson recently agreed to withdraw a patent infringement suit filed with the U.S. International Trade Commission and in U.S. federal court against Traditions Sporting Goods and its parent company, Spanish gun maker Ardesa Firearms.
The parties reached a settlement agreement under which Traditions and Ardesa will license muzzleloader technology patented by Smith & Wesson. Financial terms of the settlement were not disclosed.
"We are always looking for ways to protect our innovative designs and technology, which are the cornerstones of our business, and key components of what our brands stand for in the eyes of the consumer," said James Debney, president and CEO of Smith & Wesson. "We look forward to working with Traditions to bring the highest quality and most advanced muzzleloading rifles to the market."
Tom Hall, president of Traditions, stated the company is gratified to have resolved the patent dispute with Smith & Wesson in an amicable way.
Smith & Wesson shares were trading at $2.89 on the day the agreement was announced, The Associated Press reported. The company's highest 2011 stock price was $4.20.
In August 2010, Universal Safety Response, a home security company owned by Smith & Wesson, was awarded $30,000 in sanctions in a trademark infringement case against a rival security company.