by WRAL TechWire — December 22, 2020
A huge manufacturing plant for fitness equipment in Guilford County near Greensboro will soon become part of the Peloton empire.
Peloton, the popular builder of exercise gear, is buying US-based Precor for $420 million. And one of the reasons is to gain more factory capacity which the 230,000 square foot plant in Whitsett provides.
The deal announced Monday, is expected to close early next year.
Peloton is best known for its exercise bikes and treadmills.
The deal “should help the company get its products to U.S. consumers faster, starting in late 2021,” Bloomberg news reported.
Precor opened the NC plant in 2010 with an inverstment of $26 million.
“We have seen a ton of growth. No one would wish a global pandemic on anybody, but it’s been a tailwind for our business,” Peloton President William Lynch said, according to Bloomberg news. “Keeping up with that growth, which has been a moving target, has been a big company priority.”
“As we’ve been investing in scaling our manufacturing, this is an area where Precor is very strong,” he noted.
The deal also means Peloton acquires a plant in the state of Washington.
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Peloton acquires huge NC plant as part of $420M deal for fitness equipment firm – WRAL TechWire