MGP Ingredients says settles patent infringement lawsuit

Jan 2 (Reuters) - MGP Ingredients Inc (MGPI.O), which makes food ingredients and distillery products, said it settled its two-year patent infringement and contract litigation, and received $8 million as part of the settlement.

In a regulatory filing, the company said it also granted the other parties in the lawsuit a non-exclusive license.

MGP used the proceeds from the settlement to reduce debt, it said. (Reporting by Purwa Khandelwal in Bangalore; Editing by Deepak Kannan)