Peloton Interactive Inc. announced Monday plans to build its first factory in the U.S., in Troy Township in Wood County, Ohio. The at-home-fitness company expects to break ground on the new factory later this summer, and expects it to start producing Peloton Bike, Bike+ and Peloton Tread products in 2023. The company expects commit about $400 million to the facility. Peloton is expected to create about 2,174 new manufacturing jobs with to build the factory, and is projected to add more than 2,000 jobs to the Troy Township area over the next few years. In the company’s annual report for the year ended June 2020, the company said it makes, and outsources the making, of its products in Asia. The stock fell 1.1% in midday trading, while the S&P 500 rallied 1.1%. Year to date, Peloton shares have tumbled 34.2% while the S&P 500 has advanced 11.8%.

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