RALEIGH - Gov. Bev Perdue today announced that Culp Inc., a manufacturer of mattress and upholstery fabrics, will expand its operations in Guilford County. The company plans to create 129 jobs and invest $450,000 over the next four years in Stokesdale. Culp expects the total investment could exceed $900,000 by the end of the project. The project was made possible in part by a $82,560 grant from the One North Carolina Fund.
"My top priority is creating jobs," said Gov. Perdue. "It's great news when home-grown companies expand their operations here in North Carolina. Culp's decision to locate in Guilford County is a testament to our state's highly skilled workforce and top-notch business climate."
Culp, headquartered in High Point, is a leading manufacturer of upholstery fabrics for furniture and mattress fabrics for bedding. The company operates as Culp Home Fashions and Culp Upholstery Fabrics. Culp currently employs more than 410 people at facilities in Guilford and Alamance counties.
Salaries will vary by job function, but the average annual payroll for the new jobs will be more than $3.1 million, plus benefits.
"We are excited about the continued growth in our mattress fabric business and opportunity to expand this platform with further vertical integration into the cut and sew business," said Iv Culp, President of Culp's mattress fabrics division. "This new operation will allow us to respond to industry demands and increase the level of service we provide for our customers."
The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
North Carolina continues to have a top-ranked business climate. Through Gov. Perdue's JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
Through use of the One NC Fund, more than 60,000 jobs and $11 billion in investment have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Guilford County, Town of Stokesdale and the Greensboro Economic Development Alliance.