Magnetation Ceasing Operations in Reynolds

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Minnesota-based Magnetation LLC has officially announced plans to end operations at its Pellet Plant facility in Reynolds. WLFI-TV reports the company was unable to secure an investor that could have kept it afloat.

The company announced this week that operations would stop on or about October 7, according to the station. Magnetation issued a notice to the state in August, saying 160 employees would be laid off around October 25.

WLFI reports local management teams would be contacting employees to inform them of the wind-down process.

The decision to cease operations was approved by a bankruptcy court judge. Magnetation filed for bankruptcy in May of 2015.