Builds specialized machines that deposit thin films and coatings onto materials for aerospace, medical, and semiconductor customers—think industrial-grade 3D printers for chemistry.
Money comes from selling process equipment and related services; gross margin runs about 25%, but operating losses in recent years show it's not yet a steady earner.
Custom engineering and decades of niche expertise create switching costs, but larger players like Applied Materials and Lam Research dominate the semiconductor space, leaving CVD Equipment a small player.
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