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Culp Announces Restructuring Initiative

Culp Announces Restructuring Initiative Increases in manufacturing efficiency, higher productivity and lower operating expenses are the goals undertaken in a restructuring initiative announced by Culp Inc., High Point, N.C. The company has identified restructuring actions, principally consolidating yarn and upholstery fabric operations, that are expected to result in a charge of approximately $3 million before taxes.The changes are involving some difficult personnel decisions, said Robert G. Culp III, CEO. These moves are imperative, however, in order to adjust to the current level of demand for our products, both in the United States and internationally. We have decided to accelerate this program and consolidate certain other related operations, principally in yarn manufacturing. This will involve eliminating some yarns used by customers outside the home furnishings industry, but we will maintain substantially the same selection used to manufacture upholstery fabrics and mattress ticking. March 2001