Statement issued Tuesday by the Fort Wayne-Allen County Economic Development Alliance:
NEW HAVEN, Ind. (Nov. 29, 2011) – Continental Diamond Tool announced today its plans to invest $1.1 million in additional space and new equipment. This expansion will allow the company to take full advantage of the property located on 1221 Hartzell St. New Haven, Ind. Continental Diamond Tool is planning to utilize the new space by expanding its existing processes, doubling its capacity.
Continental Diamond Tool products are designed and manufactured to the highest standards of quality and reliability. The design and manufacturing of diamond tooling is as much an art as an engineering science. Every tool requires a certain amount of hand craftsmanship during the process of manufacturing.
“We see New Haven as a competitive location for our manufacturing operations,” said Ray Viggiano senior vice president of Continental Diamond Tool. “New Haven has a hard-working, dedicated workforce, and we are excited to locate ourselves in a strategic location such as New Haven.”
The company will invest $500,000 in manufacturing equipment and $600,000 in an additional 15,000 square feet of production space. The company is estimated to save $70,200 from a five-year phase-in of real and personal property taxes. Continental Diamond Tool will also add seven new production workers to their team, with average salaries of $30,000-$35,000.
“The City of New Haven is proud to have Continental Diamond Tool investing and growing in our community. Companies that expand here, help our business community thrive and we welcome the opportunity to assist with continued expansions,” stated Mayor Terry McDonald.”
About Continental Diamond Tool
Since our establishment in 1973, we have developed a highly technical staff that represents many years of expertise in the manufacturing of both standard and specialty items required by the industry. This enables us to tailor our services and products to your customer's most demanding needs. Our confidence stems from having a distributor network which is based on a "people" foundation that is unparalleled in customer service and high quality performance. For more information about Continental Diamond Tool, visit www.cdtusa.net.
About the Alliance
The Fort Wayne-Allen County Economic Development Alliance began in 2000 as the lead organization for economic development activities throughout the county. We are a not-for-profit organization supported by Allen County, the City of Fort Wayne, the Greater Fort Wayne Chamber of Commerce and the Fort Wayne-Allen County Airport Authority.
The Alliance's goal is to further the base employment of Allen County through business retention, expansion and attraction projects. To learn more about the Alliance, visit www.theallianceonline.com.