Peloton has officially sold the Peloton Output Park, their 1.2 million square foot facility in Troy Township, Ohio. The space was purchased by First Solar, a solar company based in Arizona, for $33 million.
As first reported by local news station WTOL, Ohio Governor Mike DeWine provided the below statement about the transaction:
“First Solar’s purchase of the Peloton building is an excellent sign that one of Northwest Ohio’s strongest employers will continue its growth in Ohio. The Troy Township, Ohio site was purpose-built for the latest manufacturing, and First Solar’s decision to utilize the 1.2 million square foot space and add good-paying jobs is a great next step for this site in Wood County,” DeWine’s statement reads.
The land had been purchased for around $6.2 million by Peloton, and construction was partially completed before Peloton made the decision to close the factory.
Less than three months ago we reported that Peloton was still looking for a buyer for the output park, as revealed in the Q4 2021 earnings call. This followed the sale of the Peloton Output Park being delayed by six months back in February. At that time CEO Barry McCarthy maintained that the sale was an important piece of Peloton’s restructuring phase, which they have been undergoing since early 2022.
Peloton first announced the Peloton Output Park in May 2021. It was intended to be Peloton’s first U.S.-based factory designed to open in 2023. In early 2022 the opening was delayed until 2024; but shortly thereafter Peloton announced they would close the factory entirely. This announcement was made at the same time founder and former CEO John Foley stepped down.
In 2022, Peloton went on to announce they would only use third party manufacturing moving forward, and would suspend their own manufacturing chains overseas as well.
You can read more about this story via WTOL.
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