CVD Equipment said Thursday it will cut its workforce by about half as part of a restructuring and stop pursuing new system orders for its CVD equipment business. Emmanuel Lakios has stepped down as CEO and director, effective Sept. 3, with Vice President of Manufacturing Operations Warren Cheesman named acting CEO. The company expects to record a restructuring charge of about $800,000 to $1M this quarter, primarily for severance costs. CVD said it will focus on its remaining equipment backlog and its spare parts, quartz, and services businesses.
CVD Equipment CorporationCVD Equipment is halving its workforce, exiting new system orders, and taking an $800K-$1M restructuring charge amid a CEO departure.
