Company Overview

Cohu, Inc. is a U.S.-based supplier of equipment and services used in the semiconductor test and inspection industry. The company designs, manufactures, and services systems that enable semiconductor manufacturers to test, handle, and inspect integrated circuits during the back-end of the semiconductor production process. Its offerings are used across automotive, industrial, consumer electronics, data center, and mobility end markets, where device reliability and quality are critical.

The company’s primary revenue drivers are capital equipment sales, recurring consumables, and aftermarket services associated with semiconductor test handling and inspection platforms. Cohu has positioned itself as a diversified supplier with a broad portfolio spanning handlers, contactors, inspection, and thermal subsystems, allowing it to address multiple device types and packaging formats. Founded in 1970, Cohu initially operated in electronics manufacturing and test equipment and significantly reshaped its business through acquisitions, most notably the acquisition of Xcerra Corporation in 2018, which expanded its scale and product breadth in semiconductor test solutions.

Business Operations

Cohu operates primarily as a single reportable segment focused on Semiconductor Test and Inspection Equipment, generating revenue through the sale of capital equipment, spare parts, consumables, and related services. Its product portfolio includes test handlers, contactors, inspection systems, and thermal subsystems used by semiconductor manufacturers and outsourced semiconductor assembly and test providers (OSATs). Aftermarket services and recurring consumables provide a supplemental and more stable revenue stream relative to cyclical equipment demand.

The company conducts operations through several well-known business units and subsidiaries, including Xcerra, Multitest, Ismeca, Delta Design, and Interface Solutions, each specializing in distinct aspects of semiconductor test and handling. Cohu maintains manufacturing, engineering, and service operations across North America, Europe, and Asia, enabling close support for global semiconductor customers. It does not rely on a small number of customers, though demand is influenced by overall semiconductor capital spending cycles.

Strategic Position & Investments

Cohu’s strategy centers on expanding its installed base, increasing content per test cell, and growing recurring revenue from consumables and services. The company emphasizes technology development aligned with automotive-grade semiconductors, advanced packaging, and higher pin-count and power devices, where testing complexity and reliability requirements are increasing. Management has highlighted automotive and industrial semiconductors as structurally attractive markets due to long product lifecycles and stringent quality standards.

Historically, growth has been driven through acquisitions that broaden technology capabilities and customer reach, with Xcerra Corporation representing the most transformative transaction. Since that acquisition, Cohu has focused on operational integration, cost structure optimization, and disciplined capital allocation rather than large-scale mergers. Investment priorities include internal research and development, selective capacity expansion, and maintaining a strong balance sheet to navigate industry cyclicality.

Geographic Footprint

Cohu is headquartered in North America in Poway, California, and operates globally to support major semiconductor manufacturing hubs. The company has significant operational and customer support presence in Asia-Pacific, including Malaysia, Singapore, China, the Philippines, and other countries that host leading OSATs and integrated device manufacturers.

In Europe, Cohu maintains engineering and manufacturing operations, particularly in Switzerland, reflecting the historical footprint of acquired businesses. Sales and service activities span North America, Asia, and Europe, giving the company exposure to virtually all major semiconductor production regions and enabling it to serve multinational customers with localized support.

Leadership & Governance

Cohu is led by an executive team with experience in semiconductor equipment, industrial manufacturing, and global operations. The leadership team emphasizes operational discipline, technology differentiation, and long-term value creation through participation in structurally growing semiconductor end markets.

Key executives disclosed in public filings include:

• Luis Müller – President & Chief Executive Officer
• Kevin Mitchell – Senior Vice President & Chief Financial Officer
• John T. Mulgrew – Senior Vice President, Global Operations

The company operates under a board-governed structure typical of U.S. public companies, with executive leadership responsible for strategy execution and capital allocation. Certain details regarding executive responsibilities and tenure may vary slightly across reporting periods; where discrepancies exist among public disclosures, data is inconclusive based on available public sources.