4 Hartford Business Journal•February16,2015 www.HartfordBusiness.com
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APS Technology
Dan Socci, CEO of South Windsor-based
Ethical Chem, another oil drilling services
company, said his firm hasn't seen a significant
reduction in business from falling crude prices.
Ethical Chem provides environmentally
safe substances that remove organic materi-
als from drilling operations to make drilling
more efficient. The company ships products
to 30 U.S. oil producers and acquired its tech-
nology when it bought Bloomfield chemical
firm VeruTek in September.
"When people have blockages in their well,
they want their oil to flow better, whether the
price of oil is at $50 or $80 per barrel," Socci said.
"You do have some producers that in order to be
profitable, they need oil to be above a certain
price per barrel … but that has not affected us."
Global affairs
Beyond the price of oil, world politics can
impact the bottom line, said Turner.
APS sells to oil
producers in the Mid-
dle East, particularly
Iraq, and last year saw
all of that revenue dry
up because of con-
cerns over heightened
terrorist activity from
ISIS, Turner said.
This year, APS
is anticipating its
Russian business to
shrink significantly, as the falling value of that
country's currency — the ruble — puts pres-
sure on the Russian economy and the profit-
ability of international companies operating
there. The value of the ruble compared to the
U.S. dollar has fallen nearly 50 percent over
the last year.
"This is going to be a tough year for us in
Russia," Turner said.
Despite all this, Turner expects another
growth year, particularly because the complex-
ity of manufacturing MWD technology creates
a high barrier to entry, leaving APS with very
little competition in its market niche, he said.
"We still have an ambitious development
program and an ambitious product launch
program to keep us at the forefront of the
industry," Turner said. n
William Turner, founder and CEo of APS, started with the company that originally devel-
oped MWd technology before it was acquired by Baker & Hughes.
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