Two South Korean industrial giants have reached a last-minute, $1.8 billion global settlement of a trade secrets case that will allow a pair of new plants in Commerce, Ga., to move ahead with plans to supply batteries for Ford and Volkswagen electric vehicles.

Two South Korean industrial giants have reached a last-minute global settlement that will allow a pair of new plants in Commerce, Ga., to move ahead with plans to supply batteries for Ford and VW electric vehicles, according to people familiar with the negotiations.