Oil-Dri Announces Price Increases for its Agricultural, Bleaching Clay and Fluid Purification Products
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%.
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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.
Details
News Market Reaction – ODC
The recorded move for ODC in the trading session of this news was -0.78%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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.
Category: Company News
Contact:
Leslie A. Garber
Manager of Investor Relations
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515
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