Reuters: Market News: UPDATE 1-TE Connectivity to sell touch, professional services units

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UPDATE 1-TE Connectivity to sell touch, professional services units Apr 10th 2012, 11:44 Tue Apr 10, 2012 7:44am EDT April 10 (Reuters) - Electronic connector maker TE Connectivity Ltd said it will sell a business that makes touch screens and touch computers to private equity firm Gores Group for $380 million. The company, which is also selling its professional services business, cut its second-quarter outlook as it expects to record a $20 million loss from these two transactions. It expects second-quarter adjusted earnings of 62-66 cents a share, down from its earlier forecast of 64-68 cents a share. TE Connectivity, formerly known as Tyco Electronics, expects revenue of $3.15-$3.25 billion for the quarter, below its earlier outlook of $3.3-$3.4 billion. The company will report results of the two businesses as discontinued operations from the second quarter, results of which are expected on April 25. The professional services business -- which provides engineering, furnishing and installation services to communication service providers -- is to be sold to an affiliate of KGP Logistics for $23.5 million. The business had revenue of $121 million in fiscal 2011, while the touch division had revenue of $413 million.

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