Culp to shutter two of three remaining U.S. plants
December 15, 2006,
High Point , N.C. -- Still working its way through restructuring as it shifts production off-shore, upholstery supplier Culp Inc. said it will close two more U.S. plants, eliminating 185 jobs.
Rob Culp III, ceo, said, "We have made considerable progress in changing our product strategy, reducing our manufacturing complexities and improving our cost structure in the U.S. upholstery fabric business. At the same time, we have been diligently growing our China-produced business."
Culp said the closing will result in pre-tax charges of about $7.3 million, mostly in the form of non-cash items, to be divided between the third and fourth quarters.
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