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Rail News: Intermodal

GE, Siemens team up to market container security system in Europe

General Electric Co. and Siemens recently reached an agreement under which Siemens’ Building Technologies Group will obtain exclusive European marketing and distribution rights for a container security system developed by GE Security Inc. subsidiary CommerceGuard AB. In addition, Siemens Project Ventures will acquire a minority stake in CommerceGuard.

CommerceGuard markets a container security device designed to magnetically adhere to a container’s interior and monitor door openings. Authorized importers, shippers and government officials can access the device’s database from fixed or handheld readers.

“Our stake will position us to provide a solution that gives customers immediate access to the highest security standards,” said Jens Wegmann, Siemens Building Technologies president of security systems, in a prepared statement. “At the same time, this acquisition will strengthen our business in the high-growth market for electronic security systems.”

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More News from 1/23/2006