Oil-Dri Announces Price Increases on its Agricultural and Fluid Purification Products

Rhea-AI Summary

Oil-Dri Corporation of America (NYSE: ODC) announced plans to increase prices on its agricultural and fluid purification products effective May 2022. This decision aims to counteract rising costs in freight, packaging, materials, natural gas, labor, and other manufacturing expenses. The price hikes, along with enhanced production efficiencies and expense reduction efforts, are part of the company's strategy for margin improvement in a challenging economic landscape. Sales representatives will provide further details to customers directly.

Positive

• Implementation of price increases to counter rising costs, potentially stabilizing margins.
• Improved production efficiencies and expense reduction efforts support long-term financial health.

Negative

• Escalating costs in freight, packaging, and materials may indicate long-term financial strain.

CHICAGO, April 15, 2022 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it is notifying customers of plans to raise prices on its agricultural and fluid purification products during the month of May, 2022.

In order to offset the continued escalation of costs, including freight, packaging, materials, natural gas, labor, and other manufacturing costs, the Company must raise prices. These pricing actions along with improved production efficiencies and expense reduction efforts are key margin improvement strategies for the Company during this challenging economic environment.

Oil-Dri sales representatives will communicate additional details of the price increase to 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 over 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 price increase has Oil-Dri announced for May 2022?

Oil-Dri announced a price increase on its agricultural and fluid purification products, effective May 2022.

What are the reasons behind Oil-Dri's price increase?

The price increase is intended to offset escalating costs including freight, packaging, materials, and labor.

How is Oil-Dri planning to improve margins?

Oil-Dri aims to improve margins through price hikes, enhanced production efficiencies, and expense reduction efforts.

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

The price increase applies to agricultural and fluid purification products.

When will customers receive details about the price increase from Oil-Dri?

Oil-Dri's sales representatives will communicate additional details directly to customers.