iRobot Wipes the Floor With Another Competitor

iRobot Corporation (NASDAQ: IRBT) is best known for a single product in its popular Roomba robotic vacuums, so it's easy to forget the company has one of the strongest intellectual property portfolios in the world. But on Monday, the home robotics specialist reminded investors of as much.

More specifically, iRobot announced that it has reached an agreement in a patent dispute with Black & Decker. While most of the terms remain confidential, they undeniably swing in iRobot's favor; as part of the deal, Black & Decker has agreed to discontinue sales of all home robotic vacuums for a "certain period of time" after it sells through its existing inventory. In exchange, iRobot will remove Black & Decker from its pending U.S. International Trade Commission investigation and a related case in the U.S. District Court of Massachusetts.

IMAGE SOURCE: IROBOT CORPORATION

Source: Fool.com