HIGH POINT, N.C.--Culp, Inc. (NYSE: CULP) today provided an update on the company’s acquisition activities. Franklin N. Saxon, president and chief executive officer of Culp, Inc., reported, “We previously announced a non-binding letter of intent for a proposed acquisition of a mattress fabrics business in China. We have not been able to reach a definitive agreement for this proposed acquisition, and that particular transaction currently is not expected to occur.
“Despite this development, however, the company remains committed to our mattress fabrics growth strategy in China. We believe increasing our sales of mattress fabrics and sewn covers in non-North American markets represents a strong opportunity for Culp. Growing our China-based operation can complement our current business model, and our substantial upholstery fabrics operations located in China provide us with a significant knowledge base to build upon. We will provide further updates as developments warrant,” said Saxon.
Culp, Inc. is one of the world’s largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp’s manufacturing facilities and fabrics sourced through other suppliers. Culp has operations located in the United States, Canada, China and Haiti.
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