UPDATE 1-Fairchild files patent suit against Power Integrations

* Files patent suit at Suzhou Intermediate Court in China

* Says Power Integrations infringed four Chinese patents

* Says seeking monetary damages

March 2 (Reuters) - Chipmaker Fairchild Semiconductor International Inc (FCS.N) said it filed a patent infringement suit against Power Integrations Inc (POWI.O) in China.

Fairchild sought a permanent injunction preventing the sale, manufacture or use, or the import into China of Power Integrations' products alleged to infringe four of Fairchild's Chinese patents, it said in a statement.

Fairchild, which holds more than 2,200 patents worldwide, said it is also seeking monetary damages from the chip maker at the Suzhou Intermediate Court.

Shares of Fairchild were down 2 percent at $10.49 in afternoon trade Tuesday on the New York Stock Exchange, while Power Integrations shares were up 2 percent at $39.00 on Nasdaq. (Reporting by Manasi Phadke in Bangalore; Editing by Unnikrishnan Nair)