Siemens Building Technologies Group will have exclusive marketing and distribution rights in Europe for a container security solution developed by CommerceGuard AB. Under the agreement, Siemens Project Ventures, a subsidiary of Siemens Financial Services, has acquired a minority stake in CommerceGuard AB, a subsidiary of GE's security business, with an option to increase the stake later in the year. In addition to Siemens, Japan's Mitsubishi Corporation is also a minority shareholder in the CommerceGuard business. CommerceGuard provides worldwide security solutions for containers.

The CommerceGuard solution features a Container Security Device (CSD) that magnetically adheres to the inside of an international cargo container and registers any opening of the container door. Fixed and handheld readers record its status in a database that can be accessed by authorized importers, shippers and government officials anywhere in the world. This technology expedites and accelerates the passage of cargo at seaports. The world-wide container trade moves more than 60 million containers annually, based on statistics from industry analysts Drewry Shipping Consultants.

This agreement gives Siemens a foothold in the growth market for container security solutions. Dr. Heinrich Hiesinger, Group President of Siemens Building Technologies, notes, "Working together with GE and Mitsubishi, we can vastly improve the financial security of international container traffic, thereby enhancing the safety and efficiency of global trade." Dr. Wolfgang Bischoff, Managing Director of Siemens Project Ventures, adds, "Our stake in CommerceGuard is an excellent opportunity for us to invest in the global security business. We are firmly convinced of the benefits of CommerceGuard's innovative technology."

Jens Wegmann, President of Security Systems at Siemens Building Technologies, adds, "CommerceGuard is a proven security system and our stake will position us to provide a solution that gives customers immediate access to the highest security standards. At the same time, this acquisition will strengthen our business in the high-growth market for electronic security systems." In addition to holding exclusive marketing and distribution rights in Europe, Siemens will be the preferred integration partner for CommerceGuard AB around the world, as well as the preferred IT partner."

Siemens Building Technologies, an operating group of Siemens, combines offerings for building security and life safety and building automation within one company as a service and system provider and as a manufacturer of respective products. Siemens Building Technologies currently employs a workforce of around 28,000 in 47 countries.

GE Security, Inc. is a wholly owned subsidiary of the General Electric Company (GE) focused on communication and information technologies for security, safety and lifestyle enhancements. GE Security has operations in more than 30 countries and is represented by some of the best-known brand names for intrusion and fire detection, access and building control, video surveillance, explosive and drug detection between others.