CULP COMPLETES ACQUISITION OF UPHOLSTERY FABRICS DIVISION OF PHILLIPS INDUSTRIES.HIGH POINT, N.C.--(BUSINESS WIRE)--Aug. 7, 1997--Culp, Inc. (NYSE NYSE See: New York Stock Exchange : CFI CFI abbr. cost, freight, and insurance ) today announced that it has completed the acquisition of the business and certain assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the upholstery upholstery, general term for household fittings, hangings, curtains, cushions, and covers. It refers to stuffed, padded, and spring-cushioned furniture, such as chairs and sofas, or to the usually decorative materials and fabrics that cover them. fabric businesses operating as Phillips Weaving Mills, Phillips Velvet Mills, Phillips Printing and Phillips Mills. These operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon were purchased from Phillips Industries, Inc., a privately owned corporation also based in High Point. Based on the terms of the closing, the acquisition is valued at approximately $36 million including cash, the assumption of certain liabilities and a non- compete agreement. "We are pleased to have completed this transaction which was originally announced as a letter of intent on April 30," remarked Robert G. Culp, III, chief executive officer. "The operations we have acquired, which generated sales of approximately $50 million for the year ended June 30, 1997, will be managed as a separate business unit within Culp. The Phillips operations have a sound management team, and which we are pleased will remain in place. Phillips has a well-established competitive position in woven jacquards, prints and velvets. This incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. capacity will complement our own in those product categories while broadening the range of our designs, particularly in the casual living styles that are popular with motion furniture." Culp is the largest manufacturer and marketer of furniture upholstery fabrics in the world and is a leading producer of mattress ticking. The company's fabrics are used principally in the production of residential and commercial furniture and bedding products. CONTACT: Culp, Inc., High Point Franklin N. Saxon, 910/888-6266 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion