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Culp To Acquire Bodet & Horst USA's Knitted Mattress Fabrics Operations

High Point, N.C.-based Culp Inc. — a manufacturer of mattress and upholstery fabrics — has acquired the knitted mattress fabrics operation of Bodet & Horst USA LP (B&H), High Point, N.C., a manufacturer of ticking, mattress fabrics, service zippers and other accessories. The business will be operated by Culp Home Fashions, Culp’s mattress fabrics division.

Under the agreement, Culp will obtain B&H’s equipment, inventory and certain intellectual property. Culp will maintain the operations at the High Point manufacturing plant with no interruption in production or operations. B&H has been Culp’s principal source of knitted mattress fabric for the past six years.

“We are pleased to announce the acquisition of B&H and believe this transaction will further enhance Culp’s strong service platform to our customers,” said Frank Saxon, president and CEO, Culp. “Demand for this product line has grown significantly, as knits are increasingly being utilized on mattresses at volume retail price points. Mattress fabrics have been a driving force in Culp’s business and accounted for 54 percent of the company’s sales in the fourth quarter ended April 2008. Additionally, we have recently completed a $5 million capital project to significantly strengthen our woven mattress fabrics manufacturing operations and provide further reactive capacity for servicing our customers.”

“With this acquisition, Culp Home Fashions expects to improve upon supply logistics from pattern inception to fabric delivery, allowing accelerated responsiveness, stability and service for its customers,” said Iv Culp, president, Culp Home Fashions. “We also look forward to extending our strong working relationship with B&H, one of the leading produces of knitted mattress fabrics, with operations in several European countries. Going forward, we will continue to collaborate on manufacturing projects and supply each other with products in different parts of the world. Culp will also serve as the primary agent for B&H to distribute sewn covers and fire protectors/socks to the North American mattress trade. We now have the unique ability to leverage the strengths of both companies and pursue additional growth opportunities in the global mattress fabrics business.”

August 12, 2008

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