Continental Diamond Tool, a producer of superabrasive grinding wheels and custom tooling for the global market, announced plans to expand its manufacturing operations in New Haven, creating up to 226 new jobs over the next four years.
“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.”
Continental Diamond Tool will invest $5.5 million to expand its 112,000-square-foot facility at 10511 Rose Ave. by an additional 15,000 square feet to increase its manufacturing capacity and R&D labs. To support its growth, the company will also invest in new computer and IT hardware as well as new machinery and equipment. This expansion, which is expected to be complete by July, will allow the company to offer more products unique to the industry.
The company, which has 130 full-time employees, plans to hire CNC programmers, skilled CNC operators, diamond product finishers, sales executives, customer service representatives and more. Interested applicants may apply online.
"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 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. Today's news marks Continental Diamond Tool's third company expansion since 2014, including a 2017 move into its current facility at 10511 Rose Ave. in New Haven.
“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.”
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. The New Haven City Council also approved tax phase-ins for Continental Diamond Tool's eligible real and personal (equipment) property investments.
Indiana is home to more than 512,000 small businesses like Continental Diamond Tool that employ over 1.2 million Hoosiers. The state ranks No. 1 in the Midwest and No. 6 in the nation on the small business policy index (SBE Council 2019) and has an ‘A’ grade for ease of starting a business (Thumbtack 2018).