10:14 | 16/03/2016 Economy
Kraig Biocraft Laboratories, Inc, a leading American manufacturer of spider silk-based fibre, has signed an agreement with a government entity in Viet Nam to develop its advanced silk technology.
Amercian Kraig Biocraft Laboratories, has signed an agreement with a government entity in Viet Nam to develop its advanced silk technology — Photo investorvillage.com
According to the agreement, Kraig Labs will form a subsidiary company in Viet Nam and open an advanced hybrid silk research and pilot production operation.
"This agreement represents a major advancement for Kraig Labs and is the successful culmination of two years of negotiations and many more years of scientific research and development," Chief Executive and Founder Kim Thompson said.
"It is a key milestone in the advancement of our longstanding business plan to bring these advanced materials to the multi-billion dollar marketplace for advanced technical textiles. It brings us a huge step closer to meeting the demand for our spider silk technologies," He added.
The company is currently in the process of obtaining the necessary approvals for the subsidiary and its operational plan. It will finalise the formation of the subsidiary, lease a research and production facility in Viet Nam, hire and train local staff and obtain permits, as well as begin crossbreeding its silkworms with local commercial silkworm lines over the next few months.
Kraig Biocraft Laboratories, is a leading developer of genetically engineered spider silk-based fibre technology. The company has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
It has developed an efficient method of producing high-strength silk, using innovative genetic engineering. Demonstrating superior strength and elasticity, Kraig Labs' Dragon Silk reportedly has the potential to reshape the textile industry./.