Hasslacher Enters North America

Austria-based Hasslacher group is acquiring a stake in Element5, a mass timber producer specializing in the design, manufacture and assembly of modern engineered timber buildings. Based near Toronto, Can., Element5 employs more than 100 and produces cross-laminated timber and glued laminated timber for the North American market. 

As a leader in the European timber industry, and an innovation driver in wood processing, the Hasslacher group is thus taking an important strategic step in the North American market.

“Rapidly growing from a greenfield site four years ago into one of a few major certified mass timber producers in North America, we and our private equity investment partner Kensington Capital Partners are incredibly excited about this next phase of Element5’s journey,” says Patrick Poulin, President, and CEO of Element5. “Hasslacher’s strength in the global marketplace, its technology, and its very experienced team joined together with Element5 will drive a significant acceleration in our business.”

Christoph Kulterer, CEO and owner of Hasslacher, comments, “Together with Element5 we can now offer the North American market the entire HASSLACHER portfolio with shorter delivery times, greater capacity, and a full spectrum of engineering expertise.” 

With the investment in Element5, the Hasslacher group states it is the first European company to invest in the development and expansion of mass timber production capacity in the North American market. In addition to the existing cross-laminated timber line in St Thomas, Ontario, the Hasslacher group investment will fund the startup of a state-of-the-art new glulam line. The site will have a total mass timber production capacity of up to 100,000 m³ annually, which will go into full operation in the first half of 2025. Following the expansion, Element5 will employ around 200.

Founded in 2015 establishing its own production in 2020, Element5 has offices in Toronto and manufacturing operations in St. Thomas.

The family-run Hasslacher group, founded in 1901, employs 2,000 and produces innovative products in the areas of sawn timber, profiled timber, glued laminated timber, cross-laminated timber and structural fingerjointed solid timber for the European and international market.