A Texas company plans to acquire a controlling stake in the longtime central Ohio basket-making company that has seen sales and employment dip significantly over the past decade.
Newark-based Longaberger and Dallas-based Computer Vision Systems Laboratories 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. The deal would still be subject to lender, shareholder and regulatory approval. President and CEO Tami Longaberger says the acquisition would provide more capital and allow Longaberger employees to become shareholders. Officials says Longaberger will continue operating as a stand-alone business.