IPG Photonics Corporation (NASDAQ: IPGP) announced it has reached an agreement with TRUMPF Laser- und Systemtechnik SE to resolve and dismiss all patent litigation worldwide between the companies.

The settlement encompasses all ongoing patent disputes between the fiber laser technology company and TRUMPF, according to a statement from IPG Photonics. The company did not disclose financial terms or other details of the agreement.

IPG Photonics, headquartered in Marlborough, Massachusetts, manufactures high-power fiber lasers and amplifiers used in materials processing applications. The company operates more than 30 facilities worldwide.