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High Point - With it's new facility in Haiti poised to begin production, US circular knitter Culp Inc. has agreed to buy a Chinese mattress-ticking manufacturer as part of a strategy to expand the company's market penetration in China and other parts of the world.

Reporting a dip in net income for its first quarter to US$5.0 million, or $0.40 per diluted share, compared with net income of $5.3 million, or $0.43 per diluted share, in the prior year period, Culp said it has signed a non-binding letter of intent to acquire a mattress fabrics business in China, subject to the completion of due diligence, negotiation of a definitive agreement and other conditions.

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