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Its stock jumped more than 8% in after-hours trading. Demand for Peloton s exercise equipment has surged during the coronavirus pandemic, straining its supply chain, as consumers look to work out at home during the pandemic. As part of the deal, Peloton will acquire Precor s factories in Whitsett, North Carolina, and Woodinville, Washington, which combined have more than 625,000 square feet of manufacturing space. The deal also boosts Peloton s product development efforts, by adding nearly 100 research-and-development employees to its existing staff. The deal is expected to close in early 2021. Once it is completed, Precor will operate as a business unit within Peloton, the company said. ....
The deal is Peloton s largest to date, according to Bloomberg. Peloton sales increasing 172% in 2020, after gyms closed due to the COVID-19 pandemic and more Americans invested in at-home fitness. Peloton will acquire Precor, a hotel and university fitness equipment maker, for $420 million. The at-home fitness firm announced the acquisition Monday, and said the deal will close in early 2021. The deal is Peloton s largest to date, according to Bloomberg. Peloton said the deal gives the company 625,000 square feet of US manufacturing space and allows it to accelerate the growth of its commercial business. By combining our talented and committed R&D and Supply Chain teams with the incredibly capable Precor team and their decades of experience, we believe we will be able to lead the global connected fitness market in both innovation and scale, Peloton president William Lynch said in a release. ....
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