Continental Diamond Tool has announced plans that will add 15,000 square feet and 226 new positions to its New Haven, Indiana production facility. The jobs commitment will span the next four years. The company plans on investing $5.5 million to expand the 112,000-square-foot facility, with manufacturing capacity and research labs as the primary focus. The project is expected to be complete by the end of this summer.
Continental Diamond Tool, which produces super-abrasive grinding wheels and tooling, will look to add CNC programmers and operators, diamond product finishers, and more new roles to its current workforce of 130. Anticipated growth is a primary driver of the expansion. Continental Diamond Tool was founded in 1973 by Ray Viggiano in a converted New Haven laundromat.
The Indiana Economic Development Corporation has offered Continental Diamond Tool up to $1.2 million in conditional, performance-based tax credits. This format means the funds will not be available until the hiring goals have been reached. Northeast Indiana Works will also provide the company with additional hiring and training assistance, while the New Haven City Council has approved tax phase-ins for the company’s equipment and property investments.