Texas co. to acquire stake in Longaberger Basket Co.
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NEWARK, Ohio (AP) - A Texas company plans to acquire a controlling stake in a longtime central Ohio basket-making company that has seen sales and employment dip significantly over the past decade.
The 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.
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