GE, Mitsubishi in Cargo Pact

GE (GE) and Mitsubishi reached a distribution agreement covering 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 partnership may expand to selected other geographies in Asia.

Mitsubishi is now a shareholder in GE CommerceGuard AB, which licenses CommerceGuard technologies and related products. 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. GE CommerceGuard AB is the former All Set Marine Security AB.

"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 GE's Randy Koch.

"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 Mitsubishi's Takashi Miyazaki.

On Thursday, GE rose 22 cents to $34.02.

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