NEW HAVEN, Ind. (WANE) More jobs are coming to New Haven with the expansion of a metal manufacturing company. This is Continental Diamond Tool’s second expansion to the company in just two and a half years. The company plans to nearly double the employment over the next five years.
Continental Diamond Tool has 57 employees and hopes to hire 47 more in the next five years for manufacturing, sales, management, and clerical positions.
Continental Diamond Tool plans to invest $400,000 to add a total of 14,000 square feet of manufacturing space and office space. The added space will be used for the purchase and installation of $3.375 million in new manufacturing equipment.
“Over the past few years, CDT has made a concentrated focus in R&D and product performance. This strategy has allowed us to gain a larger market share and double our revenue over the past few years,” stated Nick Viggiano, chief operating officer for CDT. “Along with the constant advancements of current products, we are excited to introduce a new product to the market later in 2014. We feel the launch of this new product, along with our dedicated staff, gives us the ability to gain market share faster in the foreseeable future.”
The New Haven City Council will be asked to consider approving a seven and ten year property tax phase-in to help the company with its expansion and investment. The property tax would amount to $259,781 in the next seven to ten years.
About CDT, from the company’s website:
Founded in 1973, Continental Diamond Tool specializes 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 electronics , as well as many others.
Continental Diamond Tool main office and manufacturing is located in New Haven, Indiana. CDT has the ability for our sales and manufacturing to work together to ensure our customers experience is satisfied. Our confidence stems from having a distributor network which is based on a “Relationship & Performance” foundation that is unparallel in customer service and high quality performance.