A North Carolina-based mattress and upholstery fabric company is becoming a majority investor in eLuxury in Evansville. Culp Inc. (NYSE: CULP) says eLuxury founder and Chief Executive Officer Paul Saunders will continue in his role and maintain a minority interest in the company.
Saunders calls the investment "a great opportunity for eLuxury to partner with a market leader" and "leverage our combined expertise and expand our product offering into new markets."
Culp, headquartered in High Point, North Carolina, makes mattress fabrics for bedding and upholstery fabrics for commercial and residential furniture. It has operations in the United States, Canada, China and Haiti.
In 2016, eLuxury, then known as eLuxurySupply.com, announced plans to move manufacturing operations from Tennessee to Evansville and create more than 100 jobs. At the time, Saunders said the city offered an "excellent talent pool" to fill manufacturing, supply chain and logistics openings.