The State Bond Commission has approved a $5 million loan to a Wallingford-based drilling company that plans to add dozens of jobs over the next three years.
APS Technology Inc., a global provider of technology and services to the oil and gas drilling industry, plans to increase its state workforce from 155 to 278 people by 2015, according to a press release from the office of Gov. Dannel P. Malloy.
The governor praised the company — a field performance business that deals in rotary steerable and vibration management — as being one of the fastest growing tech companies in the state.
“With our assistance, APS Technology… will be able to meet increased demand in a rapidly growing sector of our economy,” Malloy said.
According to the news release, the Department of Economic and Community Development is supporting the expansion with a 10-year, 4-percent $5 million loan.
The funds will be used for the acquisition of machinery and equipment, and to fund product engineering.
“We appreciate the support that APS has received from Gov. Malloy and the DECD,” said William E. Turner, president and founder of APS Technology. “With this loan, APS can accelerate the development and distribution of our next generation products, and create more quality jobs right here in Connecticut.”
“APS’s successful pursuit of international markets has contributed to their notable growth in sales and employment here in Connecticut,” said Anne S. Evans, U.S. Department of Commerce District Director. “They have demonstrated outstanding innovation and commitment to the development of their products for the global marketplace.”