In this Sept. 26, 2019 file photo, the Peloton logo is displayed on the company's stationary bicycle in New York. Peloton plans to spend about $400 million to build its first U.S. factory in Ohio. The exercise equipment maker said Monday, May 24, 2021, that the Peloton Output Park will make the Peloton Bike, Bike+ and Peloton Tread starting in 2023. (AP Photo/Mark Lennihan, File)
Peloton plans to spend about $400 million to build its first U.S. factory in Ohio.
The exercise equipment maker said Monday that the Peloton Output Park will make the Peloton Bike, Bike+ and Peloton Tread starting in 2023. It will have more than 200 acres and more than 1 million square feet of manufacturing, office and amenities space.
Peloton Interactive Inc. said it plans to break ground on the site in Troy Township over the summer. The company anticipates adding more than 2,000 jobs in Ohio over the next few years. Positions will span corporate, manufacturing, assembly and quality assurance functions.
The New York-based company employs about 3,700 people, according to FactSet.
Peloton has faced surging demand during the pandemic. It reported that revenue in the first three months of the year more than doubled on strong subscription growth. Last December, the company spent $420 million to acquire Precor, a company whose fitness machines populate hundreds of commercial and hotel gyms. That deal gave Peloton its first manufacturing capacity in the U.S.
“While we will continue to invest in our Asian manufacturing footprint as well as our existing facilities in the U.S. via our Precor sites, the new Peloton Output Park gives us a massive strategic lever to make sure we have capacity, quality, and economies of scale in our bike and tread product lines, to support our continued growth for years and years to come," said Peloton CEO John Foley.
The plans still need final approvals from state and local officials.
Shares of Peloton fell less than 2% in afternoon trading.
President Joe Biden and Chinese President Xi Jinping have discussed Taiwan, artificial intelligence and security issues in a call meant to demonstrate a return to regular leader-to-leader dialogue between the two powers.
April is Earth month, and while the green revolution might feel far away, the founder of climate VC Siam Capital says it’s on it’s way, and, even better: it won't cost you more.
From snow in April to heatwaves in December, it’s hard to plan a trip in a climate change world. Startup Sensible Weather thinks weather-based travel reimbursements are the solution.
Between corporate debt and the widening gap between ‘the haves and the have nots,’ there are reasons to be cautious about the economy, even with interest rate cuts on their way.
If the A.I. hype hasn’t given you enough of a reason to be excited (and a little terrified), the CEO of Zapata AI says the next frontier is designing bridges or creating pharmaceutical drugs.
Stocks are near record highs, inflation is moderating, and analyst Deiya Pernas is 'optimistic' the U.S. is heading for a soft landing without a recession – which is good news for your wallet.
Google co-founders Larry Page and Sergey Brin loved pulling pranks, so much so they began rolling outlandish ideas every April Fools' Day not long after starting their company more than a quarter century ago.
