Machining capabilities growing again
News Release
New Haven, Ind. -- For the second time in two and a half years, Continental Diamond Tool, located at 1221 Hartzell Street in New Haven, has announced plans to expand its existing facilities. Founded in 1973, Continental Diamond Tool specializes in the design, manufacture, and application of diamond cutting and grinding products and services for industries including medical, oil and gas, automotive, aerospace, and electronics.
"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."
Continental Diamond Tool will invest $400,000 to add 7,000 square feet of manufacturing space and 7,000 square feet of office space. This additional square footage will allow for the purchase and installation of $3.375 million in new manufacturing equipment including CNC Lathes, mold presses, and inspection equipment. At present, the company employs 57 people. Over the next 5 years they plan to hire 47 additional people in manufacturing, sales, management, and clerical positions.
"Once again CDT has shown that they are a great company and a true community partner," stated Mayor Terry McDonald. "Thank you, CDT for your faith in New Haven, by yet again expanding your business here, and for your investment in the people and families of New Haven. Thank you and congratulations. We look forward to many more years of growth and partnership."
At its June 10 meeting, the New Haven City Council will be asked to consider approving a 7-year and 10-year property tax phase-in to assist the company with its expansion and investment. It is estimated that the tax phase-in will amount to a $259,781 savings over the next 7-10 years.
About Continental Diamond Tool
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. CDT has the ability for our sales and manufacturing to work together to ensure our customers experience, satisfaction. Our confidence stems from having a distributer network which is based on a "Relationship & Performance" foundation that is unparalleled in customer service and high quality performance.
About Greater Fort Wayne Inc.
Greater Fort Wayne Inc. is the new organization that unifies the Fort Wayne-Allen County Economic Development Alliance and the Greater Fort Wayne Chamber of Commerce, serving as a single point of contact for economic growth in Greater Fort Wayne. In addition, Leadership Fort Wayne and the Downtown Improvement District are also working toward an affiliation with Greater Fort Wayne Inc. Together, we're growing a more prosperous, vibrant community in Greater Fort Wayne. To learn more about Greater Fort Wayne Inc., visit www.GreaterFortWayneInc.com.