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Exercise equipment maker Peloton to build its first US factory near Toledo

Exercise equipment maker Peloton to build its first US factory near Toledo

FINANCIAL NEWS

Exercise equipment maker Peloton to build its first US factory near Toledo

Peloton recalls treadmills after the death of a 6-year-old childPeloton and the U.S. Consumer Product Safety Commission announced the voluntary recall of the Tread+ and Tread treadmills.Staff video, USA TODAYExercise equipment maker Peloton is set to create 2,174 jobs as part of its $400 million investment in Wood County, near Toledo, Ohio.The project and several others, including one for Columbus-based Bath & Body Works, received approval for state tax incentives on Monday from the Ohio Tax Credit Authority.Overall, the agency approved nine projects that would create 3,214 jobs and retain 4,520 jobs in the state. The projects are expected to result in more than $187 million in new payroll and spur $606 million in investments across the state.Peloton plans to make its bikes and treadmills at the site starting in 2023. It will break ground this summer.Peloton treadmills recalled: CEO apologizes for fighting U.S. regulatorsPeloton rival: Sam’s Club introduces exercise bike at stores for $799″We are thrilled to bring a good portion of our manufacturing to United States soil and proud that it will be in the great state of Ohio,” Peloton’s CEO and co-founder John Foley said in a statement. “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.”The tax incentives are worth an estimated $49.4 million. Total payroll for the jobs are set to be $138 million.The factory will sit on more than 200 acres with more than 1 million square feet of manufacturing, office and amenities space. It will use renewable energy to power its operations.


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