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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) March 7, 1995
CULP, INC.
(Exact name of registrant as specified in its charter)
North Carolina 0-12781 56-1001967
(State or other (Commission File (IRS Employer
jurisdiction of No.) Identification
incorporation) No.)
101 South Main Street
High Point, North Carolina 27260
(Address of principal executive offices)
(910) 889-5161
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Item 5. Other Events
See Press Release related to acquistion of Rayonese Textile Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CULP, INC.
(Registrant)
By: Franklin N. Saxon
Franklin N. Saxon
Vice President and
Chief Financial Officer
By: Stephen T. Hancock
Stephen T. Hancock
General Accounting Manager
Dated: March 7, 1995
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(Culp logo appears here)
NEWS RELEASE Contact:
Frank Saxon
Vice President
Chief Financial Officer
FOR IMMEDIATE RELEASE
CULP COMPLETES ACQUISITION OF RAYONESE TEXTILE
ANNOUNCES $6 MILLION CAPITAL EXPANSION PROGRAM
HIGH POINT, North Carolina (March 7, 1995) - Culp, Inc. (Nasdaq/NM:CULP)
today announced that it has completed the acquisition of Rayonese
Textile Inc., a privately owned manufacturer of fabrics for home
furnishings based near Montreal, Canada. Terms of the purchase were not
announced.
"Although Rayonese will be included in Culp's results for only a
small portion of our fiscal year which ends next month, we expect a
meaningful contribution to sales and earnings in fiscal 1996 from the
acquired operations," commented Robert G. Culp, III, chief executive
officer. "We have already started a $6 million capital investment
program at Rayonese including the purchase and installation of a
significant number of state of the art, air-jet jacquard looms. This
expansion, which should be completed within the next six months, will
substantially increase the capacity of Rayonese to supply greige goods
to our existing mills. We, in turn, will be able to mount a more
aggressive marketing effort, especially for wide, printed jacquard
fabrics used for large home furnishings items such as mattress ticking
and comforters."
Culp remarked, "The purchase of Rayonese is the latest in a series
of strategic actions completed over the past several years. Our initial
thrust in this initiative was to establish Culp's basic capabilities as
a fully integrated marketer of upholstery fabrics and mattress ticking.
The more recent transactions, including the acquisition of
Rossville/Chromatex in November 1993, have served principally to
strengthen the Company's overall competitive leadership. We believe
this plan of expanding Culp's manufacturing and marketing resources
matches well with the continuing consolidation within the home
furnishings industry."
Culp is a leading manufacturer and marketer of fabrics for the
furniture, bedding and institutional furnishings markets.
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Culp, Inc. [] P.O. Box 2686 [] 101 S. Main Street [] High Point, NC
27261-2686 [] 910-888-6266 [] TLX 802147 [] Fax 910-887-7089