TAYLORSVILLE - An Asian company purchased Taylorsville-based upholstery maker Craftmaster Furniture.

Craftmaster’s new president said the move is good news for his company, its employees and the U.S. furniture industry.

China-based Lacquer Craft Furniture, which owns Universal Furniture of High Point and Legacy Classic of Burlington, announced the purchase of Craftmaster on Tuesday.

A purchase price was not disclosed.

Craftmaster, a privately owned and operated company that employs 425 people, will be a wholly owned subsidiary of Lacquer Craft, retaining its current manufacturing facilities and work force in Taylorsville as well as its sales organization and showroom in the Furniture Plaza building in downtown High Point.

Lacquer Craft named Roy Calcagne of Hickory, senior vice president of Universal’s upholstery division, as Craftmaster’s president.

Calcagne will continue his responsibilities at Universal.

Steve Lackey, Craftsmaster’s chief executive officer since 2002, will remain in his position. Both report to Randy Chrisley, Universal president and CEO.

Calcagne said the purchase represents the first time in recent history that an Asian company has purchased a U.S. furniture manufacturer with intentions of expanding domestic production rather than moving it offshore.

The acquisition will round out Lacquer Craft’s upholstery offerings while supplementing the Craftmaster line with fabrics and parts from China, Calcagne said.

“If anything, Craftmaster production will expand,” he said.

Founded in 1972, Craftmaster specializes in moderately priced living room and family room furniture.

Lacquer Craft Manufacturing Co. Ltd., founded in 1995, produces wood furnishings from its 2-million and 4-million-square foot facilities in Dongguan and Shanghai, China. It distributes its products worldwide through Universal and Legacy Classic.

Lacquer Craft is the ninth-largest home-furnishings manufacturer selling into the U.S. market.

“I am extremely pleased to have Craftmaster join our company,” said Mohamad Amini, president of Lacquer Craft. “Their business model and capabilities add a new, exciting dimension to our business strategy.”

The purchase of Craftmaster establishes a domestic upholstery manufacturing facility for Lacquer Craft, supplementing the company’s fully assembled imported upholstery program from Universal.

“Craftmaster is in a rare and enviable position today,” Lackey said. “We are joining with a group of companies through which we have the opportunity to grow, diversify and become even more competitive, while maintaining all the traditions and values that make us the company we are.

“This is a benchmark day for everyone at Craftmaster.”