The Connecticut State Bond Commission approved a $5 million loan to APS Technology, a provider of high technology and services to the oil and gas drilling industry, to assist the Wallingford, Conn. firm with its expansion and planned hiring of more than 100 workers during the next three years.
“We appreciate the support that APS has received from Governor Malloy and Department of Economic and Community Development,” 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.”
According to the Governor’s office, the company plans to increase its state workforce from 155 in 2012 to at least 278 people by 2015. The Department of Economic and Community Development is supporting the expansion with a 10-year, 4 percent $5 million loan. Funds will be used for the acquisition of machinery and equipment, and to fund product engineering.
“When it comes to precision manufacturing, businesses know they have a wealth of talent in our state, people who can fill positions and help companies thrive,” said Governor Dannel P. Malloy. “With our assistance, APS Technology, one of the fastest growing tech companies in the state, will be able to meet increased demand in a rapidly growing sector of our economy.”