Peloton Interactive Inc., the New York-based home fitness equipment start-up, issued a statement on Monday saying that the exercise equipment company had been brewing off an option to build its first factory in Ohio which would more likely to start off production by 2023.
In point of fact, founded back in the 2012 by a John Foley, Peloton turns out to be one of the pandemic winners as home workouts and exercise became immensely popular in a pandemic-era new normalcy with most gyms having been shut down due to stiffer restrictions.
Aside from that, Peloton had added on its statement that a US production line would be its latest addition to a number of global manufacturing HubSpots that included third-party partners in Asia apart from its own manufacturing facilities.
On top of that, Peloton was quoted saying that the company had allotted a stark upsum of $400 million for its slated manufacturing factory in the US state of Ohio, while the manufacturing hub would likely to create over 2,000 jobs in the upcoming years.
Peloton to build first US production hub in Ohio
Meanwhile, adding that its US factory at Troy Township, Wood County, would manufacture flagship Peloton Bike alongside Bike+ and Peloton Tread, the New York-headquartered exercise equipment maker’s Chief Executive and founder, John Foley said, “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”.
Nonetheless, followed by the announcement, shares’ prices of Peloton, which had been down over 34 per cent this year after reports of multiple accidents, injuries and the death of a child, were trading 0.68 per cent down to $100.22 per share in afternoon US trading after falling as much as 2.8 per cent earlier in the day.