Peloton exits in-house manufacturing operations, shares down

Rexon Industrial

12/07/2022 11:40

** Shares of exercise maker Peloton Interactive Inc  PTON.O 
fall 1.8% to $8.76 premarket
    ** PTON says it is exiting all owned-manufacturing
operations and expanding its current relationship with leading
Taiwanese manufacturer Rexon Industrial Corp  1515.TW 
 urn:newsml:reuters.com:*:nL4N2YT262
    ** The shift is a natural progression in PTON's strategy to
simplify its supply chain and focus on technology, co says
    ** PTON says Rexon will become the primary manufacturer of
the hardware for its Bike and Tread product lines
    ** Company says it will be suspending operations at its
Tonic Fitness Technology facility through the remainder of 2022
    ** Up to last close, stock down ~75% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))