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YES! The two methods are complementary.
PRINCE2 covers the process for creating products and ITIL covers the lifespan of a product after it has been created.
See the following PRINCE2 and ITIL training course outlines:
ITIL V3 Service Management Foundation training
For further advice about how PRINCE2 and ITIL work together, feel free to call us on 01273 622272 or e-mail info@siliconbeachtraining.co.uk