Zoltek in the News

May 30, 2007

Accounting

By St. Louis Post Dispatch

Zoltek was displeased with auditor's service

Zoltek Cos. dismissed PricewaterhouseCoopers LLP as its independent accounting firm because the company was displeased with accounting firm's service, Zoltek Chairman and Chief Executive Zsolt Rumy said Tuesday.

The Bridgeton-based maker of carbon fiber said late Friday it had dropped PricewaterhouseCoopers and would use Grant Thornton LLC instead.

Rumy said there often was confusion about who from the accounting firm was auditing the company's books and added, "We're looking to get better service and communication with Grant Thornton."

PricewaterhouseCoopers had identified material weakness in various areas of Zoltek's reporting processes in its annual reports from 2004 through 2006.

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