Franklin Towers to acquire Zhengzhong Silkworm
Raw silk retailer Franklin Towers Enterprises Inc. is planning to buy certain assets, including property and a long-term lease of approximately 15,000 acres of mulberry farms from Zhengzhong Silkworm Industrial Development Co. Zhengzhong farms and processes production-ready silkworm cocoons.
Franklin’s CEO, Kelly Fan, said: "Along with adding substantial revenues to our existing revenues, the acquisition of Zhengzhong Silkworm Industrial Development Co. would provide the company with an internal supply of silkworm cocoons at a reduced cost which would significantly improve the company's overall profit margins."
Franklin Towers Enterprises, Inc. manufactures and sells raw silk in the Fuling district of the Chongqing Municipality through its subsidiary, Chongqing Qiluo Textile Co. Ltd. Qiluo coordinates the entire silk manufacturing process from sericulture (the raising of silk worms for the production of raw silk) right through to the exportation of both finished and raw silk products.
