Exercise equipment maker Peloton will create 2,174 jobs as part of its $ 400 million investment in Wood County, near Toledo.
The project and several others including one for Bath & Body Works in Columbus, received government tax incentive approval from the Ohio Tax Credit Authority on Monday.
The agency approved a total of nine projects with which 3,214 jobs are to be created and 4,520 jobs to be preserved across the country. The projects will result in more than $ 187 million in new payroll and stimulate investment of $ 606 million across the state.
Peloton plans to start manufacturing its bikes and treadmills on site from 2023. It will lay the foundation this summer.
“We are very excited to be bringing a good portion of our production to US soil and are proud that it will be located in the great state of Ohio,” said John Foley, CEO and co-founder of Peloton, in a statement. “While we will continue to invest in our Asian manufacturing base as well as our existing US facilities through our Precor facilities, the new Peloton Output Park provides us with a massive strategic lever to ensure we have capacity, quality and economies of scale.” in our product lines for bicycles and treads to support our continuous growth over the years. “
The tax incentive is estimated at $ 49.4 million. The total wage bill for the jobs will be $ 138 million.
The factory will occupy more than 200 acres of more than 1 million square feet of manufacturing, office, and equipment space. It will use renewable energies to run its operations.
@BizMarkWilliams
/cloudfront-us-east-1.images.arcpublishing.com/gray/UGTUQTJV7RFD7CA3QBHMN5C5EQ.jpg "Police make arrest in South Toledo homicide case")
