Company to acquire stake in Longaberger
A Texas company plans to acquire a controlling stake in a longtime central Ohio basket-making company that has seen sales and employment dip in recent years.
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 the company known for its handcrafted baskets, home and lifestyle products — including pottery. The companies made the announcement Friday.
Longaberger, which also is known for its iconic basket-shaped home office, celebrates its 40th anniversary this year. It had $1 billion in sales and 8,000 employees in 2000. It now has about $100 million in annual sales, according to the trade publication Direct Selling News, and fewer than 1,000 employees at last count, The Columbus Dispatch reported.
Gas prices surge
After months of dropping, gas prices are back on the upswing.
The average U.S. price of a gallon of gasoline has surged seven cents in the last three weeks.
That’s according to the Lundberg Survey of fuel prices released Sunday that puts the price of a gallon of regular at $3.32.
Fight over nuclear plant is in court
The question of whether Vermont’s only nuclear plant can continue operating without the approval of state regulators goes before a federal appeals court today in a dispute that has gained increasing attention nationally about the boundaries of federal authority over a controversial power source.
The New Orleans-based Entergy Nuclear Operations Inc. brought the issue to court. The utility won a decision last January in which a federal judge in Brattleboro, Vt., ruled that safety issues are the sole responsibility of the federal Nuclear Regulatory Commission.
In 2011, that panel had extended the license for Entergy’s Vermont Yankee plant by 20 years. Without the judge’s ruling, the plant could have been forced to close March 21, when state approval expires.
Several nations begin mercury treaty talks
Delegates from more than 130 nations began a final round of negotiations Sunday that are expected to lead to the creation of the first legally binding international treaty to reduce mercury emissions.
The treaty would set enforceable limits on the emissions of mercury, a highly-toxic metal that is widely used in chemical production and small-scale mining, particularly artisanal gold production.
Swiss diplomat Franz Perrez, whose nations helped prompt the call for the treaty, told reporters Sunday that “we are confident that we’ll be able to conclude here this week” with a final document that nations will adopt this year.
Vindicator wire reports
Selected local stocks
Aqua America, .70, 26.68 .37
Clear Channel, .29 31.43 —.30
Cortland Bancorp, 9.75.00
Farmers Nat., .126.58 —.08
First Energy, 2.20, 39.89—.23
FirstMerit Corp., .64,15.02 —.19
First Niles Financial, .32,6.50.00
First Place Fin., .005.00
FNB Corp., .48,10.90—.02
General Electric, .76,21.13—.04
Motors Liquidation, .0422.00
Huntington Bank, .16, 6.59—.08
JP Morgan Chase, 1.20,46.14—.01
Key Corp, .20,8.84—.10
LaFarge, 15.87 —.26
Macy’s, .80, 36.89—.36
Parker Hannifin, 1.64, 89.04—.56
RTI Intl. Metals,28.20—.29
Simon Prop. Grp.,4.40,159.98.08
Stoneridge 5.78 .08
United Community Fin. 3.16.11
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.