Peloton Plans for Ohio Plant Scrapped

Peloton’s plan to build the company’s first U.S. factory in the Toledo area has been scrapped, and the company’s CEO is stepping down, the company announced in a news release.

Peloton also announced it was cutting 2,800 jobs, with the bulk of those coming at its headquarters in New York City. The announcements are part of a cost-saving effort the company expects will save around $800 million.

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Peloton Picks Ohio for Its First U.S. Factory

Peloton bike

Peloton Interactive announced plans to build its first U.S. factory in Ohio, creating more than 2,000 jobs and investing more than $400 million in the state-of-the-art factory.

The new facility, in Troy Township between Toledo and Bowling Green, will be named Peloton Output Park and will produce Peloton Bike, Bike+ and Peloton Tread starting in 2023. It will employee 2,174 people and generate $138 million in new payroll.

The state approved a 2.301%, 15-year job creation tax credit for the company.

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