Longaberger Acquired By Dallas Company

by Erika Brooks on January 14, 2013 at 4:46 am

A Texas company plans to acquire a controlling stake in the Longaberger Basket Company.  Longaberger and Dallas based Computer Vision Systems Laboratories Corporation or CVSL, have signed a letter of intent for CVLS to acquire a controlling voting interest in Longaberger.  The company has seen sales and employment dip significantly over the past 10 years.  Terms of the deal announced by the companies on Friday were not 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.