Longaberger To Sell Controlling Interest To Texas Company
A Texas company plans to acquire a controlling stake in one of Central Ohio's most well-known companies that's seen sales and employment dip significantly over the past decade. Newark-based Longaberger Co. and Dallas-based Computer Vision Systems Laboratories Corp., or CVSL, have signed a letter of intent for CVSL to acquire a controlling voting interest in Longaberger. The Ohio company is known for its handcrafted baskets and its iconic basket-shaped home office. Terms of the deal announced by the companies on Friday weren't disclosed. It would be subject to lender, shareholder and regulatory approval. Longaberger President and CEO Tami Longaberger says the acquisition would provide more capital and allow Longaberger employees to become shareholders. A spokesman for both companies says Longaberger will continue operating as a stand-alone business.