Icon Health & Fitness Inc. of Logan, Utah, has retained the Branford Group to auction the plastics processing equipment in Icon's Logan facility on Dec. 9.
In completing a gradual transition, Icon outsourced its remaining Logan manufacturing requirements to a supplier in China.
Icon continues domestic production of its FreeMotion Fitness treadmills, Incline Trainers, elliptical machines, stationary bikes and strength equipment at a plant in Smithfield, Utah.
The equipment being auctioned includes 16 Toshiba injection molding machines of 90-950 tons, 16 Maguire blenders, 11 Wittmann and Star robots and six Granutec, Conair and IMS granulators. Also up for auction are silos, chillers, cooling towers, temperature controllers and hot runners.
In mid-July, Icon announced plans to cut 400 positions in its manufacturing workforce in Logan by Oct. 31.
On July 28, the investors' service subsidiary of Moody's Corp. upgraded Icon's corporate family rating to B2 from B3 “due to its improved operating performance and enhanced liquidity profile” and the strategy of streamlining its manufacturing footprint.
Moody's said that Bain Capital, Credit Suisse and founders Scott Watterson and Gary Stevenson collectively own Icon. The firm was launched in 1977, manufactured products in Canada and overseas and, from 1987-2015, had production capabilities in Logan.
Icon says it is “the world's largest manufacturer and marketer of home fitness equipment.” Brands include Gold's Gym Home Fitness, HealthRider, NordicTrack, ProForm, Reebok Home Fitness, Weider and Weslo.
Icon's domestic competitors in the fitness equipment market include Life Fitness Inc. of Rosemont, Ill.; Cybex International Inc. of Medway, Mass.; Precor Inc. of Woodinville, Wash.; of Holdings Inc. of Minneapolis doing business as Octane Fitness; and Fitness Quest Inc. of Canton, Ohio.