A northeastern Indiana maker of tooling equipment plans to expand its current facility and add about 150 new jobs in coming years.
Continental Diamond Tool plans to invest about $5.5 million at its New Haven plant, according to the Fort Wayne Journal Gazette, including $4.2 million in new manufacturing, technology, and R&D equipment, and $1.3 million to add another 15,000 square feet of space.
The company, which produces diamond and CBN cutting and grinding products, disclosed its plans in an application filed with city officials. If approved, the area would be declared an economic revitalization area and Continental would qualify for 10-year property tax abatements totaling more than $430,000.
The application said the expansion would add 146 manufacturing jobs and four sales positions by late 2023, more than doubling Continental’s current workforce and adding more than $6 million in overall payroll.
Construction on the expansion is expected to be completed by April, with equipment installation continuing through 2023.
The New Haven City Council reportedly plans to hold a hearing on the application next week. Officials said the company has already outgrown its facility on the city’s north side after relocating last summer.
New Haven planning and economic development director Brian Yoh said Continental is experiencing “phenomenal growth.”
Image Credit: Continental Diamond Tool