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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.”