News: Suppliers
11 September 2026
CVD Equipment no longer pursuing new system orders
CVD Equipment Corp (CVDE) of Central Islip, NY, USA (a designer and maker of chemical vapor deposition, thermal processing, physical vapor transport, gas and chemical delivery control systems, and other equipment and process solutions for developing and manufacturing materials and coatings) has announced a restructuring plan and leadership transition, following a thorough evaluation of strategic alternatives for its CVD equipment business by its board of directors. The restructuring plan includes the following:
- The company will no longer pursue new system orders for its CVD equipment business.
- The firm is further reducing its workforce by about half, to a level necessary to manufacture its remaining equipment backlog, satisfy warranty obligations, and support its ongoing spare parts, quartz, and services business.
- CVD hence expects to record a restructuring charge of $0.8-1m this quarter, consisting primarily of employee severance and related costs.
- Effective 3 September, and in conjunction with these actions, the board and Emmanuel Lakios have mutually agreed that he would conclude his employment as president & CEO and no longer serve as a member of the board. The board has appointed Warren Cheesman, VP of manufacturing operations, as acting CEO. “His knowledge of the company and operational experience will be valuable through this restructuring and continued evaluation of business alternatives,” comments chairman Lawrence J. Waldman.
- The board continues to evaluate additional opportunities to reduce costs, monetize assets, and enhance shareholder value, including potential alternatives involving its real-estate assets, including its primary facility in Central Islip. It will also evaluate business opportunities that are consistent with its available resources and strategic objectives to enhance shareholder value.
“In light of continued weakness in prospective equipment order activity, declining backlog, the CVD equipment division’s ongoing operating losses, and the lack of viable strategic alternatives for the business, we have decided to discontinue the pursuit of new equipment system orders, transitioning CVD to a spare parts, quartz and services business,” says Waldman. “While unfortunately these actions impact our employees, they are designed to align the company’s cost structure with current market conditions and opportunities, reduce operating risk, and preserve liquidity. At the end of the second quarter of 2026, the company had $23.5m in cash and no debt. Our top priority will be to complete existing customer commitments while we continue to pursue additional opportunities to maximize shareholder value,” he adds.
“As we transition to this new phase for CVD, we’ll focus on disciplined execution, prudent management of the company’s assets and financial resources and, most importantly, fulfilling our important existing commitments to customers,” says Cheesman.
Cheesman has been VP of manufacturing operations since October 2022. He has more than 30 years of experience in engineering, operations, quality, and strategic sourcing across the semiconductor, medical device, and defense equipment industries. Before joining CVD, he held positions of increasing responsibility at Veeco Instruments, Air Techniques, and Kongsberg Defense & Aerospace. Cheesman holds master’s degrees in Technology Management and Materials Science and Engineering from Stony Brook University and a bachelor’s degree in Mechanical Engineering from Virginia Tech.
CVD Equipment demonstrates single-crystal SiC boule growth in collaboration with Stony Brook
