Culp Teams With Synthetic Finishing
October 10, 2005-- Home Textiles Today,
Culp, Inc. is strategically aligning with Synthetics Finishing, a division of TSG Incorporated, to provide finishing services to Culp for its domestically produced decorative upholstery fabrics.
Synthetics Finishing will collaborate with Culp on research and product development activities. As a result, Culp will close its finishing plant in Burlington, N.C., reducing the number of Culp associates by approximately 100. This transition is expected to be completed in January 2006.
The company expects total pre-tax charges of approximately $2.7 million, of which $2.1 million is expected to be non-cash items. The charges are expected to be recorded in the second and third quarters of fiscal 2006.
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