Gores Group Buys Touchscreen Manufacturer

Los Angeles-based private equity firm The Gores Group said Tuesday that it has acquired the touch screen business of TE Connectivity, in a deal worth $380M in cash. Gores said it acquired TE Connectivity's Touch Solutions business, which supplies touch screens, touch monitors and all-in-one touch computers, under the Elo TouchSystems brand. The business is headquartered in Menlo Park, and had sales of $413M in fiscal 2011, according to Gores. Gores Group said it made the buy because of the "strong secular growth" happening in the touch screen industry.