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Peloton to build first factory in U.S., targets production in 2023

Stock MarketsMay 24, 2021 01:56PM ET
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© Reuters. FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City, September 26, 2019. REUTERS/Shannon Stapleton/File Photo

(Reuters) -Home fitness equipment maker Peloton Interactive (NASDAQ:PTON) Inc said on Monday it would build its first factory in Ohio and start production in 2023.

Peloton has emerged as a pandemic winner as home workouts became popular during the prolonged coronavirus-led lockdowns.

The factory will be the latest addition to the company's growing global manufacturing network, which includes third-party partners in Asia and Peloton's own facilities, the company said.

Peloton said it would commit about $400 million to the facility and add more than 2,000 jobs over the next few years.

"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," said Chief Executive Officer John Foley.

The factory in Troy Township, Wood County will produce its flagship Peloton Bike as well as the Bike+ and Peloton Tread.

Shares of the exercise equipment maker pared early declines of as much as 2.8% after the news and is down about 1% in afternoon trade.

Peloton's stock has fallen 34% this year as the company in May recalled its treadmills and forecast hit to current-quarter revenue after reports of multiple injuries and the death of a child in an accident.

Peloton to build first factory in U.S., targets production in 2023
 

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Alan Rice
Alan Rice May 24, 2021 12:50PM ET
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