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.
In a clash of fast casual titans, Chipotle Mexican Grill is filing a lawsuit against Sweetgreen for trademark infringement. The salad purveyor recently released a meal offering called "Chipotle Chicken Burrito Bowl," which Chipotle said is being marketed in a "very similar" way as its own products and includes many of the same ingredients.
The number of Americans applying for unemployment benefits fell this week as the labor market continues to hold up in the face of the Federal Reserve aggressive campaign to cool the economy and bring down inflation.
Wall Street is drifting amid mixed trading Thursday, threatening to send the S&P 500 to its first losing week in the last four following some discouraging reports on the economy.
The upcoming trial in a voting machine company’s defamation lawsuit against Fox News for airing false allegations of vote fraud in the 2020 presidential election will not include testimony about the Jan. 6 uprising at the U.S. Capitol, a judge ruled Wednesday.
Ted Rossman, a senior industry analyst with Bankrate.com, joined Cheddar News to provide guidance on how to raise your credit score, especially for would-be homebuyers.
Chipotle filed a lawsuit in California federal court against Sweetgreen over the salad chain's chicken burrito bowl, claiming infringement for using the word "chipotle" in the name.
