3M settles patent suit with Illinois Tool Works

3M Co., the maker of more than 55,000 products from Post-it Notes to electronic road signs, settled a lawsuit against Illinois Tool Works Inc. over a patent for paint preparation system products.

Illinois Tool Works will license the technology under the agreement, St. Paul, Minnesota-based 3M said today in a statement. Illinois Tool, based in Glenview, Illinois, also will acknowledge the enforceability of the patent.

Financial terms weren't disclosed. 3M sued in June 2006.

3M rose $1.48, or 2.3 percent to $67.09 at 11:05 a.m. in New York Stock Exchange composite trading. Illinois Tool rose 3 cents to $34.73.

The case is 3M Innovative Properties Co. v. Illinois Tool Works, 06cv2459, U.S. District Court for the District of Minnesota (Minneapolis).