Proto Labs and ICO Products in patent settlement

Minnesota-based digital manufacturing company Proto Labs, Inc. and ICO Products, an Ohio-based plastic injection molding manufacturer, reached an agreement to settle an ongoing patent infringement dispute related to Proto Labs’ proprietary quoting technology.

As a result of the settlement, Proto Labs received monetary compensation and an equity stake in ICO Products with a future option to take a larger stake in the company.

Concurrent with the agreement, ICO Products will enter into a license agreement with Proto Labs granting ICO Products rights to continued use of certain aspects of Proto Labs’ proprietary technology in its quoting system.