Samsung and Apple Executives Discuss Long-Term Component Supply Relationships

Apple CEO Tim Cook and Samsung Chief Operating Officer Lee Jae-yong are said to have discussed their long-term component supply relationships during a two-hour meeting that took place earlier this week.

Lee Jae-yong, chief operating officer (COO) of Samsung Electronics said Wednesday he had discussed long-term parts cooperation arrangements with Apple Inc.'s chief Tim Cook.

The meeting took place Monday after Lee attended a memorial service for Steve Jobs, Apple's late co-founder, and as Samsung and Apple remain locked in fierce legal disputes to control the global smartphone and tablet computer markets.

Lee noted that the companies made agreement for 2012 and would like to prolong their cooperation for 2013-2014. Apple has been keen to make long-term supply agreements with component suppliers, sometimes prepaying billions of dollars in advance to secure massive supplies looking over several years and overcoming or better to say excelling its competitors.