NEW HAVEN, Ind. (WOWO): A New Haven company will be adding 150 jobs with a new investment.

Continental Diamond Tool will invest $5.5-million into real estate improvements and new equipment, according to an application that would declare the company’s facility on Rose Avenue an economic revitalization area.

The Journal Gazette reports that $1.3-million is set aside in the plan for adding 15,000 square feet to the building, which the company says they’re outgrowing. The manufacturing jobs will have an average salary of $40,000, and four full-time sales positions will also be created, with everything expected to be done by December 2023.

The company wants 10 years of tax abatements in return.