LG Electronics said Wednesday it has signed an agreement with Google to grant each other the right to mutually exploit their patents, a move seen as a way to avert patent infringement suits. The long-term patent cross-licensing agreement is covering a broad range of products and technologies including the two companies' existing patents as well as those filed over the next 10 years.

"We're pleased to enter into this agreement with a leading global technology company like LG," said Allen Lo, deputy general counsel for patents at Google. "By working together on cross-licenses like this, companies can focus on bringing great products and services to consumers around the world."

"LG values its relationship with Google, and this agreement underscores both companies' commitment to developing new products and technologies that enhance consumers' lives," said J.H. Lee, executive vice president and head of the LG Electronics Intellectual Property Center.

The agreement will provide LG Electronics legal grounds to utilize Google's software patents such as data processing and information security, while the U.S. firm will get access to LG's exclusive rights to hardware devices including flagship smartphones, LG said.

The move could also protect LG against patent infringement lawsuits regarding Google's Android operating system.

The agreement comes months after Samsung Electronics clinched a similar deal with Google in January this year.