Oil-Dri Announces Price Increases for its Agricultural, Bleaching Clay and Fluid Purification Products

Rhea-AI Summary

Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its agricultural, bleaching clay, and fluid purification products, effective August 1, 2021, ranging up to 7%. This decision, according to President and CEO Daniel S. Jaffee, is a response to significant inflationary pressures from rising freight, packaging, materials, natural gas, and manufacturing costs. Despite efforts in expense optimization and operational productivity, the company could no longer absorb these increases without implementing price changes.

Positive

• Price increase of up to 7% may enhance revenue amid rising costs.

Negative

• Significant inflationary pressures impacting profit margins.

CHICAGO, July 01, 2021 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it will increase prices for its agricultural, bleaching clay and fluid purification products. The price increases, effective August 1, 2021, will range up to 7% depending on the product.

Daniel S. Jaffee, President and Chief Executive Officer, stated, “These price increases are necessary to offset significant inflationary pressure from higher freight, packaging, materials, natural gas, and non-fuel manufacturing costs. Despite expense optimization and improved operational productivity, the magnitude of these increases can no longer be absorbed by the company without pricing actions.”

Oil-Dri sales representatives will communicate additional details of the price increase to their customers directly.

About Oil-Dri
Oil-Dri Corporation of America is a leading manufacturer and supplier of specialty sorbent products for the pet care, animal health and nutrition, bleaching clay and fluids purification, agricultural ingredients, sports field, industrial and automotive markets. Oil-Dri is vertically integrated which enables the Company to efficiently oversee every step of the process from research and development to supply chain to marketing and sales. With 80 years of experience, the Company continues to fulfill its mission to Create Value from Sorbent Minerals. To learn more about the Company, visit oildri.com.

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Contact:
Leslie A. Garber
Manager of Investor Relations
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515

FAQ

What is the reason for Oil-Dri Corporation's price increase on August 1, 2021?

Oil-Dri Corporation announced the price increase due to significant inflationary pressures from higher costs in freight, packaging, materials, natural gas, and manufacturing.

How much will Oil-Dri's prices increase on its products?

The price increases will range up to 7% depending on the product.

What products are affected by Oil-Dri Corporation's price increase?

The price increase affects agricultural, bleaching clay, and fluid purification products.

When will the price increase take effect for Oil-Dri Corporation products?

The price increase will take effect on August 1, 2021.