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From Home Furnishing Business

Culp Ends Effort to Buy Chinese Mattress Fabrics Business

Fabric producer Culp Inc. (NYSE: CULP) said its proposed acquisition of a mattress fabrics business in China will not be completed because the company was unable to reach a definitive agreement for the deal.

The company said a non-binding letter of intent to acquire the business was signed earlier this year.

“Despite this development, however, the company remains committed to our mattress fabrics growth strategy in China,” said Franklin Saxon, president and CEO. “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,” Saxon added.

Culp has operations located in the United States, Canada, China and Haiti.

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