ST. THOMAS, ONT. — The Ontario government has announced it is contributing $3.46 million to help mass timber manufacturer Element5 expand its operations.
The company, located in St. Thomas, is Ontario’s first manufacturer of cross-laminated timber. Element5 will spend $23 million on the expansion, stated a release.
The expansion will more than triple the company’s production, creating 32 new jobs, increasing revenue by over 300 per cent and boosting export sales by nearly 600 per cent, the firm estimates.
“With more space and new equipment, Element5 will be able to meet growing demand for their high-quality products and get more building projects done quickly and efficiently,” stated Minister of Natural Resources Graydon Smith in a statement. “This company is an advanced wood construction success story, powering growth and development across Ontario, Canada and the U.S.”
The Ontario government has released an action plan designed to expand wood construction in the province. Its encourages using more wood in the construction of mid-rise and tall multi-family residential, commercial and industrial buildings. The plan is available for public review and comment on the Environmental Registry, ending on Sept. 30.
“The ongoing support from the province is a cornerstone of Element5’s strategic planning,” stated Element5 CEO Patrick Poulin. “More importantly, it reflects our shared vision to position Ontario as a leader in advanced wood construction and manufacturing, not only in Ontario, but across Canada and North America.”
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