NEW BUSINESS Minnesota Power, a unit of Allete Inc., Duluth, has completed an all-requirements electric service agreement to provide power to Magnetation, a new company that produces iron concentrate from previously mined ore. Magnetation has begun grading and road work for a facility near Taconite, Minn., that it expects to open in May 2012. The privately held company, founded in 2006, expects to produce 500,000 metric tons of iron concentrate in 2012 at the new plant and 800,000 tons annually thereafter. Magnetation has been producing iron concentrate from a facility in Keewatin, Minn., since February 2009.
Company news
DEBT AND EQUITIES Oak Grove Capital, St. Paul, a provider of real estate financial services for senior housing, has closed on a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living Inc., which has assisted living, independent living, memory care and skilled nursing units in 13 states, including 10 facilities in the Twin Cities. The seven-year facility, of which 75 percent is fixed rate and 25 percent is variable rate, was used to refinance existing mortgage debt.
PERSONNEL Donaldson Co. Inc., Bloomington, made the following officer assignments, effective Oct. 1: Charles McMurray to senior vice president and chief administrative officer from senior vice president of industrial products; Jay Ward to senior vice president of industrial products from senior vice president of engine products, and Tod Carpenter to senior vice president of engine products from vice president of Europe and the Middle East.
about the writer
The work reduction begins in April and it is not clear how long it is expected to last.