Business

Continental Diamond Tool plans northeast Indiana expansion

Posted May 09, 2019 7:00 am

The Associated Press

NEW HAVEN, Ind. (AP) - A company that designs and makes cutting and grinding products and custom tooling in northeastern Indiana is moving forward on an expansion that includes adding more jobs.

Officials announced Thursday that Continental Diamond Tool is investing $5.5 million to expand its manufacturing operations in New Haven as well as its research and development labs. The expansion is expected to be completed by July. The company expects to create up to about 225 jobs over the next four years.

Continental Diamond Tool in October had announced plans for an expansion , but at the time job creation estimates were slightly lower. The company currently has about 130 full-time employees.

The Indiana Economic Development Corp. offered Continental Diamond Tool up to $1.2 million in conditional tax credits based on its plans.

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