SEATTLE, May 8, 2002 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc.(NYSE:PCL) announced that the company's board of directors has appointed Ernst &Young LLP to replace PricewaterhouseCoopers LLP as the company's independentpublic accountant.
"PricewaterhouseCoopers has provided Plum Creek with excellent professionalservice since the company went public in 1989," said Rick Holley, President andCEO. "Plum Creek's resources and business opportunities have significantlychanged and expanded, and we felt that this was an appropriate and opportunetime to evaluate which professional service providers would best serve thecompany going forward. We look forward to working with the Ernst & Young auditand tax professionals as the company continues to grow."
The appointment of Ernst & Young was made after a thorough evaluation processconducted by members of Plum Creek management and the Audit and ComplianceCommittee of the board of directors. Plum Creek said the decision to changeauditors was not based on any disagreement between the company andPricewaterhouseCoopers LLP on any matter of accounting principles or practices,financial disclosure, or auditing scope or procedure.
Plum Creek, a real estate investment trust, is one of the largest land owners inthe nation, with over 7.8 million acres of timberlands in every significanttimber-growing region of the United States and ten wood product manufacturingfacilities in the Northwest.
More information on Plum Creek Timber Co. may be accessed at:http://www.businesswire.com/cnn/pcl.shtml.
Plum Creek Timber Company
John Hobbs, 800/858-5347
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