Parsons Xtreme Golf (PXG) and TaylorMade Golf Company jointly announced today that they have reached a settlement of the pending patent litigation and related patent disputes between the parties. Under the terms of the agreement, each company will have specified rights to make club products under patent cross-licenses.

David Abeles, TaylorMade Golf’s CEO, said, “I’m pleased that we were able to reach an acceptable and amicable resolution to put this case behind us so we can continue focusing on bringing industry leading equipment innovations to the golfer.”

Bob Parsons, PXG’s CEO, said, “As a golf equipment innovator, PXG will continue to pursue research and development and obtain patents for our novel club designs in the iron technology space. We will not hesitate to assert those patents in the future.”

Details of the settlement are confidential.