First Solar, a leading American solar panel manufacturer, has acquired the Peloton Output Park “POP” facility in Wood County, Ohio. The purchase price for the almost 1.2 million-square-foot facility and land was $33 million, according to Wood County property records. Peloton purchased the property at U.S. 23 and Pemberville Road for $6.2 million, but ultimately decided not to use it as a factory, leaving the building vacant.
Troy Township Facility was Purpose-Built for the Latest Manufacturing
Originally intended as a factory for Peloton equipment, the building was built as a state-of-the-art manufacturing facility. First Solar intends to use the space for solar panel production and Ohio Governor Mike DeWine was quick to praise the purchase. “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,” said DeWine.
Promising Potential for Job Creation
The Troy Township facility has promising implications for job creation in the region. Peloton’s original plans for the facility would have brought more than 2,000 jobs to the area, and First Solar’s purchase of the building could create additional jobs in the future. Governor DeWine was optimistic that the facility would add “good-paying jobs”.
A Final Chapter
Peloton first purchased the POP facility during the height of the Pandemic, specifically in May of 2021. The idea was to bring manufacturing to the U.S., which was at least partially a response to the long lead times for members to receive bikes. Construction began on the new facility that same Summer. However, by February 8, 2022, Peloton announced their intention to sell the property. That same week, 2,800 Peloton employees were let go and the founder and CEO, John Foley, stepped down.
The purchase of the facility by First Solar represents the final chapter of Peloton’s Pandemic boom. The last big transaction tied to “how things were.” It should have a positive impact on Peloton’s financials, which could (should?) have a positive impact on the Peloton stock price.
Tune in to The Clip Out every Friday to hear Tom and Crystal’s take on this and other hot Pelotopics. We’re available on Apple Podcasts, Spotify, Google Podcasts, iHeart, TuneIn. Be sure and follow us so you never miss an episode. You can also find the show online on Facebook.com/TheClipOut. While you’re there, like the page and join the group. Lastly, find us on our YouTube channel, YouTube.com/TheClipOut, where you can watch all of our shows.
See something in the Peloton Universe that you think we should know? Visit theclipout.com and click on Submit a Tip!