HIGH POINT, N.C. — October 24, 2017 — Culp Inc. today provided an update on the company’s acquisition activities. Franklin N. Saxon, president and CEO 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.
Posted October 24, 2017