Culp announces closing of agreement with ITG

23 Jan '07

1 min read

Culp Inc announced the company has closed its previously announced asset purchase agreement with International Textile Group Inc (ITG). Pursuant to the terms of the agreement, Culp is acquiring certain assets of the mattress fabrics product line of ITG's Burlington House Division, including inventory and the rights to produce ITG's mattress fabric patterns.

The total value of the transaction is approximately $8.3 million, comprised of $2.5 million in cash with the remainder to be paid to ITG in Culp common stock.

Culp Inc is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for furniture. The company's fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.

International Textile Group Inc is a global, diversified provider of automotive, apparel and interior furnishings fabrics and textile solutions. International Textile Group's business units include: Safety Textiles International, Cone Denim, Burlington WorldWide, Burlington House and Carlisle Finishing.

The company employs over 9,000 people worldwide with operations in the United States, Mexico, China, Germany, Romania, Czech Republic, South Africa, Nicaragua and Vietnam.

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