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.
An analyst at JP Morgan is predicting massive future growth for Apple in its music and gaming divisions — to the tune of more than $8 billion in revenue by 2025. Cheddar News anchors Kristen Scholer and Hena Doba discuss the glowing forecast for the tech giant.
Catching you up on today’s top headlines with Bitcoin falling below $24,000, U.S. gas prices reaching above $5 on average, Tesla shareholders voting on a 3-for-1 stock split, and more.
On this episode of On The Job presented by ADP: Gemma Burgess, CEO of Ferguson Partners, explains what people are looking for in an employer, and how to convey positive work culture to potential employees; Amy Leschke-Kahle, Vice President of Performance Acceleration at The Marcus Buckingham Company, an ADP company, breaks down how encouraging employee engagement and empowering employee voices can benefit every workplace and busts a myth about employee engagement while working from home; Jim Huether, CEO of Hyperice, discusses Hyperice's new employee mental health initiative, known as the Workplace Alliance, with 100-plus companies to combat the ongoing mental health crisis and how they're taking a hands-on, data-driven approach to the mental health crisis.
Amy Leschke-Kahle, Vice President of Performance Acceleration at The Marcus Buckingham Company, an ADP company, joins Cheddar to discuss how encouraging employee engagement and empowering employee voices can benefit every workplace and busts a myth about employee engagement while working from home.
Jim Huether, CEO of Hyperice, joins Cheddar to discuss Hyperice's new employee mental health initiative, known as the Workplace Alliance, with 100-plus companies to combat the ongoing mental health crisis and how they're taking a hands-on, data-driven approach to the mental health crisis.
Consumer prices saw an 8.6 percent jump in May, with fuel prices showing the biggest surge, climbing 17 percent last month. As inflation continues to climb to levels not seen in 40 years, President Biden took to calling out ExxonMobil and other major oil companies, accusing them of holding back production while continuing to collect huge profits at the cost of the consumer. Mark Avallone, the president of Potomac Wealth Advisors, joined Cheddar's Opening Bell to discuss. “They have reduced long-term expenditures. But why? Because the world is going to alternative energy and as consumers, if we thought that that welcome change to alternatives was going to happen without pain, we might have been mistaken," he said. "The less investment they make in oil because they're getting ready for a new world of electric vehicles, the less we're going to be prepared for oil shocks such as the one we got when Russia invaded Ukraine."
Catching you up on the stories you need to know this morning, the U.S. could soon get its first major gun safety law in years, the House Select Committee investigating the January 6th attack on the U.S. capitol holds its second hearing, and today might just be the day the Supreme Court overturns Roe v. Wade, and decides on new gun laws.
