Nanotech firm seals a deal to expand HQ on Long Island

CVD Equipment Corp. is moving its headquarters, after all -- and it's staying on Long Island.

The nanotechnology toolmaker, in a Monday announcement, had some news about its on-again, off-again agreement to buy a Central Islip headquarters site.

It's on again.

Leonard Rosenbaum, the company's chief executive,  said in a prepared statement that CVD "has entered into an agreement reinstating and amending the contract to purchase a 120,000 square foot facility in Central Islip. . . . The purchase price and the target closing date in the amended agreement are the same as in the original agreement, as are substantially all of the other material terms."

In premarket trading Tuesday, CVD shares were down $0.74 to $15.77. With shares up 119 percent in the past year, its market capitalization is $96.9 million.

CVD had net Income of $778,000 on revenue of $7.5 million for the three months ended June 30. That compared with net income of $104,000 on revenue of $3.3 million income for the comparable prior-year quarter.

CVD's initial announcement of the move, and the seller's decision to terminate the deal, all took place in recent weeks as CVD is poised for a major expansion.

Rosenbaum said the new building, about 15 minutes from its current Ronkonkoma offices, will allow an overall doubling of space for its engineering, manufacturing, administration and application laboratory. It will sell off the two Ronkonkoma buildings it currently occupies; together they measure about 63,000 square feet.

CVD plans to expand its "1D, 2D and 3D nanotechnology beyond the traditional limits of the chemical vapor deposition field," Rosenbaum said.

Chemical vapor deposition is a method of building components, such as computer chips and solar cell components, through the application of layers of hardened gas.

With a workforce of about 130, CVD is looking for engineers and other personnel. C

As of Tuesday morning its website was soliciting applicants for project and division managers for its First Nano division; and electronic draftspersons, assemblers, design engineers and technicians for its other segments.

Photo: CVD founder and president Leonard Rosenbaum.