Oil-Dri Announces Price Increases for its U.S. and Canadian Branded and Private Label Cat Litter Products

Rhea-AI Summary

Oil-Dri Corporation of America (NYSE: ODC) announced plans to raise prices on its cat litter products in the first quarter of fiscal year 2022. This decision comes due to significant increases in costs associated with freight, packaging, materials, and natural gas. Despite efforts to mitigate these cost pressures, the price hike is necessary to sustain product quality and service levels. Specifics about the price increase will be communicated directly to customers by the sales team.

Positive

• Potential to maintain product quality and service levels despite rising costs.

Negative

• Rising costs in freight, packaging, materials, and natural gas indicate ongoing financial pressures.
• Price increase may lead to customer attrition or decreased demand.

CHICAGO, July 15, 2021 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it is notifying customers of plans to raise prices of its cat litter products during the first quarter of fiscal year 2022. These pricing actions will apply to branded and private label cat litter products sold within the United States and Canada.

Over the past year, the company has incurred significant increases in freight, packaging, materials, natural gas, and non-fuel manufacturing costs. Many key components used to mine, manufacture and ship its products continue to escalate. Oil-Dri has made considerable efforts to mitigate the impact of these cost pressures, but the company must implement these pricing actions in order to maintain the high quality of its products and service levels.

Oil-Dri sales representatives will communicate specific 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

When will Oil-Dri Corporation raise prices on cat litter products?

Oil-Dri Corporation plans to raise prices during the first quarter of fiscal year 2022.

What is driving the price increase for Oil-Dri's cat litter?

The price increase is driven by significant cost hikes in freight, packaging, materials, and natural gas.

Will the price increase affect both branded and private label cat litter?

Yes, the price increase will apply to both branded and private label cat litter products sold in the U.S. and Canada.

How will customers be informed about the price increase?

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

What is the stock symbol for Oil-Dri Corporation?

The stock symbol for Oil-Dri Corporation is ODC.