LG Electronics and General Electric (GE) have announced a joint licensing agreement to enable them to use one another's patents.
The two appliance companies will share patents for fridge and cooking appliances technology.
Young Ha Lee, president and chief executive officer of LG, said: "We believe that this licensing arrangement with GE will enhance our ability to deliver winning products."
He added that he hoped it would bring them closer to achieving their goal of becoming "one of the top global brands" in the sector.
Lynn Pendergrass, president and chief executive officer of GE, described the relationship as "part of a win-win strategy" for both companies.
The firms have collaborated on their cooking technologies since 1999, but have extended the agreement to strengthen their global competitiveness.
LG has said it will particularly help them in their drive to expand their market share of the digital appliances sector worldwide.
The home appliance division of LG recently won two awards for its steam technology in its dishwashers and tumble dryers.
