WOOD COUNTY, Ohio — Peloton announced Tuesday it is scrapping plans to create its first U.S. plant in Ohio.

The company also replaced its CEO, laid off 2,800 employees and eliminated the 2,000 jobs that were supposed to come to the company’s future Wood County facility. 

Peloton was in the process of building Peloton Output Park in Troy Township.

The company confirmed it will sell the property and the building once external construction is complete. Peloton said in a statement that it did still invest $100 million in the Wood County area. 

Wayne Gottschalk, Executive director of the Wood County Economic Development Commission said he did have concerns that the company would pull out when news began to circulate about its falling revenue. 

“We heard about it the same time that everybody else did, but obviously when you saw some of the rumors that were going around on financial news networks and what not,” said Gottschalk. “We were concerned and we were concerned with the state of this site should they decided to delay or postpone the project.” 

The JobsOhio Economic Development Corporation said in a statement that it is disappointed that Peloton is pulling out of the project. 

Gottschalk said the county still does have a partially-built site that another developer can come in and finish.