Culp Partners With Synthetics Finishing

Culp Inc., High Point, N.C., will
outsource its finishing services for its domestically-produced decorative upholstery fabrics to
Hickory, N.C.-based Synthetics Finishing, a division of North Wales, Pa.-based TSG Inc.
Additionally, the companies will collaborate on research and product development.

As a result, Culp will close its Burlington, N.C.-based finishing plant and lay off
approximately 100 workers. The company expects to complete this transition in January 2006. Culp
will have three remaining US upholstery fabrics manufacturing facilities and a growing operation in

“As the global marketplace continues to evolve, we are transitioning Culp’s business model
to one that is more agile and less capital-intensive,” said Robert G. Culp III, chairman and CEO.

November/December 2005