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Culp, Inc. announced that it has reached a definitive agreement to acquire Read Window Products, Inc., a source for custom window treatments and other products for the hospitality and commercial industries. Based in Knoxville, Tennessee, Read Window Products is a turn-key provider of window treatments offering measuring, sourcing, fabrication and installation services. Read Window Products' primary custom product line includes motorization, shades, drapery and shower curtains. In addition, they supply soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters and pillows, for leading hospitality brands worldwide. Read Window Products has been in business since 1981, with annual revenues of approximately $11M in 2017. Culp currently expects to fund the acquisition with cash and investments on hand without incurring any additional debt, with closing currently expected to occur at the end of March, subject to the satisfaction of customary closing conditions.

Culp announced that its board of directors has approved the payment of a quarterly cash dividend of 9c per share. This compares with 8c per share paid for the same period last year, reflecting an increase of 12.5%. The dividend is to be paid on or about April 16, 2018, to shareholders of record as of the close of business on April 2, 2018. Future dividend payments are subject to board approval and may be adjusted at the board's discretion as business needs or market conditions change.

Culp sees FY18 pre-tax income $27.4M-$28M