Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, announces that it has entered into an agreement with Toyoda Gosei providing the companies (including wholly owned affiliates) with access to each other’s patented LED chip and packaged LED technology (including white LED technology).

Toyoda Gosei and Cree have agreed in the future to discuss “have made” rights for LED chips.

Cree and Toyoda Gosei both hold broad and substantial optoelectronic patent portfolios. The agreement will make it easier for both companies to develop and manufacture LED products without concern for the other’s patents.

“Cree and Toyoda Gosei are responsible companies that respect the intellectual property rights of others and strive to enhance the development of LED technology,” said Chris James, Cree vice president of marketing and business development.

“The agreement highlights the importance of intellectual property in the LED marketplace and helps to alleviate the IP concerns of LED customers.”

Other terms of the patent agreement were not disclosed but are not expected to have any material financial effect on either party.