News release from Greater Fort Wayne, Inc.:
Continental Diamond Tool expanding in New Haven
(May 9, 2019) NEW HAVEN, Ind. â€” Continental Diamond Tool today announced plans for a company expansion, creating up to 226 new jobs over the next four years. The $5.5-million investment includes a new addition to the company’s existing New Haven facility.
Continental Diamond Tool was founded in 1973 by Ray Viggiano, who started the company with just two employees in a converted laundromat in New Haven. The company has achieved substantial growth, especially in recent years; this is Continental Diamond Tool’s third company expansion since 2014, including a 2017 move into its current facility at 10511 Rose Ave.
The company is adding 15,000 square feet of space to its existing building, expanding its manufacturing capacity and R&D labs. These improvements will allow the company to offer more products, fueling additional growth. Work on the project began in late 2018; the expansion is expected to be completed by July.
“We’re growing quickly, and we expect that to continue. This added space prepares us for the future,” said Nick Viggiano, president of Continental Diamond Tool. “We’re especially proud that we’ve been able to grow our business here in New Haven, the place we’ve called home for 45 years.”
Continental Diamond Tool specializes in the design, manufacture, and application of superabrasive cutting and grinding products and services. Their products are typically more precise and last longer than conventional parts.
The company plans to hire CNC programmers, skilled CNC operators, diamond product finishers, sales executives, customer service representatives, and more. Interested applicants may learn more about Continental Diamond Tool’s employment opportunities at www.cdtusa.net/careers/.
“With the nation’s highest concentration of manufacturing jobs, Indiana has the skilled workforce and pro-growth business climate that companies like Continental Diamond Tool need to be successful,” said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). “We’re grateful for this family-owned company’s commitment to New Haven that has been contributing to the community’s economic vitality for the past 45 years. We look forward to Continental Diamond Tool’s future impact in northeast Indiana as the company creates even more quality career opportunities for Hoosiers.”
The IEDC offered Continental Diamond Tool up to $1.2 million in conditional tax credits. These incentives are performance-based, meaning that until Hoosiers are hired, the company is not eligible to claim incentives. Northeast Indiana Works will provide the company with additional hiring and training assistance. New Haven City Council also approved tax phase-ins for Continental Diamond Tool’s eligible real and personal (equipment) property investments.
“It’s great to see a homegrown company like Continental Diamond Tool expanding again here in New Haven,” New Haven Mayor Terry McDonald said. “As a city, we have worked tirelessly to build an excellent environment for business, and that hard work is paying off.”
About Continental Diamond Tool
Continental Diamond Tool is a leading producer in the global market for superabrasive grinding wheels and custom tooling. We specialize in the design, manufacture and application of diamond and CBN cutting and grinding products and services for a wide range of industries. These include medical, oil & gas, automotive, aerospace, cutting tools, power generation, wood & saw, electronics, and many others. For more information, visit cdtusa.net.
About Greater Fort Wayne Inc.
Greater Fort Wayne (GFW) Inc. serves Fort Wayne and Allen County, Indiana, as its metro chamber alliance and primary point of contact for economic growth. GFW Inc. focuses on prosperity and community vibrancy through economic development, advocacy, programs and resources that support business success, leadership development, graduate retention and community engagement. GFW Inc. worked with state and local partners to assist Continental Diamond Tool with its expansion plans. In 2018, GFW Inc. assisted 33 businesses in expansions or relocations in Allen County, resulting in a total of 2,445 projected new jobs, $115 million in new annual payroll, and more than $336 million in new investment.