CVD Equipment Cuts Workforce By Half, CEO Steps Down In Restructuring

05:27 PM EDT, 09/10/2026 (MT Newswires) -- CVD Equipment (CVV) said Thursday it will reduce its workforce by about half and President and CEO Emmanuel Lakios will step down as part of a restructuring plan for its CVD equipment business. Lakios concluded his employment as President and CEO and will no longer serve as a director, effective Sept. 3. Warren Cheesman, vice president of manufacturing operations, was appointed acting CEO effective immediately. The company will no longer pursue new system orders for its CVD equipment business and will focus on its remaining backlog, warranty obligations and ongoing spare-parts, quartz and services businesses. CVD expects to record a restructuring charge of approximately $0.8 million to $1.0 million this quarter, primarily for employee severance and related costs.