Culp (CULP) said Thursday that it will combine its upholstery fabrics and home fashions operating divisions into a single business to optimize operations and streamline costs.
The company said the combination includes the closure of a leased facility in Burlington, North Carolina that is operated by its upholstery fabrics division. Culp estimates the combination to yield about $3 million in annualized efficiency improvements and cost reduction benefits.
As part of the business integration, Culp said it named Mary Beth Hunsberger, formerly president of the Culp Upholstery Fabrics division, as its chief operating officer.
Shares were up 3.5% in recent trading.
Price: 3.91, Change: +0.13, Percent Change: +3.54
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