Continental Diamond Tool, New Haven, plans to invest $5.5 million in real estate improvements and new equipment and more than double its workforce, according to an application for declaration as an economic revitalization area and tax abatements.
That would mean adding about 150 jobs, the application says.
The company last year moved from a facility at 1221 Hartzell St. to 10511 Rose Ave., both in New Haven. Now, the company is outgrowing that building, said Brian Yoh, New Haven’s director of planning and economic development.
Plans are to add 15,000 square feet to it at a cost of $1.3 million.
“They are a very, very successful company,” Yoh said Monday. “They’re having phenomenal growth.”
The equipment investment includes $3.575 million in manufacturing equipment and $625,000 in research and development and information technology equipment, according to the application.
Created will be 146 full-time manufacturing jobs at an average salary of $40,000 and four full-time sales positions at an average salary of $56,000. The hiring would be done by Dec. 1, 2023.
Four new part-time janitorial jobs at an average salary of $7,500 and six part-time manufacturing jobs at an average salary of $15,500 are also listed.
The company will pay at least 70 percent of the cost of eligible employees’ vacation, sick leave, holidays, health and life insurance and pension benefits.
The company now has 135 employees and a payroll of $7.2 million. The additional employees would add $6.025 million in payroll by Dec. 1, 2023.
The building construction was planned to begin late last month and be finished by April, the application states. Equipment installation would begin then and go through December, 2023, the document states.
The company makes diamond and CBN superabrasive grinding wheels. Company officiaIs did not list gross sales or the company’s three largest customers and suppliers, as the application requests.
If the application is approved, the company will qualify for 10-year abatements which would save it $194,266 in real estate taxes and $237,059 in business personal property taxes for a total of $431,325.
The New Haven Council will have a public hearing on the measure at 7 p.m. Oct. 23 at city hall, 815 E. Lincoln Highway.