Penske Logistics Adding 40 Employees in Beachwood

BEACHWOOD, OH — The Beachwood City Council struck a deal Monday night to bring 40 new jobs to Penske Logistics in Beachwood.

Beachwood Director Economic Development James Doutt explained that this new project was aimed at incentivizing Penske to add jobs to the community.

"It has to mutually be a win-win," Doutt said. "The competition to keep your employment base is very keen."

Penske has certain hiring benchmarks it will need to hit over the next three years in order to receive a grant which will award the company 30 percent of new income tax money generated by new hires, Cleveland.com reported.

Doutt explained the various hiring thresholds:

• Less than 75 percent of hiring goal, Penske receives none of the grant
• 75-79 percent, the grant is reduced by 15 percent
• 80-84 percent, the grant is reduced by 10 percent
• 85-89, it's reduced by five percent
• If Penske reaches 90 percent or above of their hiring goal, they receive the full grant.

There are currently 308 Penske Logistics employees in Beachwood.