BRADENTON, Fla. & TOKYO--(BUSINESS WIRE)--Oct. 13, 2005--GE Security, Inc. and Mitsubishi Corporation (TSE:8058) today announced that Mitsubishi Corporation will exclusively distribute GE Security's CommerceGuard container cargo solution in Japan. Mitsubishi Corporation will market, distribute and support CommerceGuard cargo security solutions, including hardware products and arming codes, to Japanese terminal operators, ports, exporters, and shipping companies. The agreement between GE Security and Mitsubishi Corporation also contemplates the partnership may expand from Japan to selected other geographies in Asia.
With this agreement, Mitsubishi Corporation becomes a shareholder in GE CommerceGuard AB, a technology company responsible for the licensing and commercialization of CommerceGuard technologies, solutions, and related products. GE CommerceGuard AB was the former All Set Marine Security AB and renamed when GE Security recently acquired all shares of All Set.
"This is an important relationship that will significantly increase the commercial security of many of the 15-plus million ocean-going containers, and at the same time help protect and facilitate the global economy," said Randy Koch, General Manager of GE Security's Cargo Security unit. "GE CommerceGuard is proven technology, and we are pleased Mitsubishi has agreed to help bring this technology to the Asian market."
"After studying the cargo container security field for over three years, Mitsubishi Corporation concluded that CommerceGuard is the only solution that meets the needs of today's worldwide shipping environment," said Takashi Miyazaki, Unit Manager of Machinery New Business Initiative Unit, Mitsubishi Corporation. "We are proud to be part of the GE CommerceGuard team and to help with CommerceGuard's global deployment."
Under the terms of the agreement, GE Security will be the majority owner of the GE CommerceGuard AB company with Mitsubishi Corporation taking the lead for marketing and distributing CommerceGuard in Japan. The agreement is currently in effect.
"This is the true internationalization of GE CommerceGuard," said Koch. "Our goal is to help top companies immediately take advantage of the security standards agreed to by the 166 member states of the World Customs Organization, and help provide a path to what is envisioned as a 'global green lane' for their shipments."
About CommerceGuard
GE Security's CommerceGuard container security system includes a Container Security Device (CSD) that, once armed, electronically alerts officials of any unauthorized intrusion of an ocean-going cargo container. The CSD uses a radio frequency applicable to the worldwide market. GE Security and independent parties have successfully tested the device and its supporting systems in thousands of actual container shipments throughout the world.
About GE Security
GE Security, Inc., an affiliate of General Electric Co. (NYSE:GE), focuses its business on communication and information technologies for security, safety and lifestyle enhancements. It 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, key management, and structured wiring. For more information about GE Security business and our product offerings, please visit www.gesecurity.com.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 48,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.
About All Set
All Set Marine Security AB, based in Stockholm, Sweden, was recently acquired by GE Security. All Set Marine Security was formerly part of the All Set Marine Group of companies and developed leading edge in-transit electronic security solutions for freight containers.
Contacts
Press Contacts:
GE Security
Michelle May, 281-647-9479
[email protected]
or
Mitsubishi Corporation
Eiji Hashimoto, +81-3-3210-3448
[email protected]
or
Ruder Finn
Dennis Murphy, 202-974-5016
[email protected]