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Potlatch Announces Salaried Workforce Job Eliminations and Realignments

Tuesday, November 19, 2002

Press release from the issuing company

SPOKANE, Wash.--Nov. 18, 2002--Potlatch Corporation today said that it will eliminate 106 salaried positions and realign staff and operational responsibilities across the company in its ongoing effort to improve efficiency and reduce costs. Potlatch Chairman and Chief Executive Officer L. Pendleton Siegel explained that the job eliminations and workforce realignments are the result of individual business unit evaluations and reflect both the elimination of certain functions as well as job combinations and consolidations. "We believe this action will provide Potlatch with a more cost-effective organization capable of meeting the essential requirements of each of our businesses," he said. Potlatch will take an estimated pre-tax charge of $ 7.5 million in the 4th quarter of 2002 to cover anticipated costs associated with this action. Potlatch is an integrated forest products company with manufacturing operations in Idaho, Minnesota, Arkansas and Nevada and 1.5 million acres of forestland in Idaho, Minnesota, Arkansas and Oregon.




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