The executive said Peloton's planned"As we invest in US manufacturing and getting ready to make millions, going to tens of millions, of treadmills and bikes in the US...we can have in-location manufacturing plants," Foley said during Peloton's Thursday earnings call, which he said will help avoid delivery delays related to port congestion and shipping.
Foley and other Peloton executives said Precor, which makes equipment for health clubs and hotels, would allow the firm to ramp up US manufacturing. The $420 million purchase of Precor represented Peloton's largest acquisition. "As we become the global dominant fitness experience business, we want Asian manufacturing, we want US manufacturing, and it creates optionality for us to service different markets from different points of entry. So we're very excited about Precor and what that team represents to our supply chain globally," Foley added.
The company surpassed $1 billion in revenue for the first time in the second fiscal quarter of 2021. Membership for its $39-per-month Connected Fitness plan grew 134% compared to the same time last year.