Oil-Dri Announces Price Increases for its U.S. and Canadian Branded and Private Label Cat Litter Products
Oil-Dri Corporation of America (NYSE: ODC) will increase prices for its cat litter products effective October 17, 2022, across the U.S. and Canada.
Sentiment and the balance of points
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Rhea-AI Summary
Oil-Dri Corporation of America (NYSE: ODC) will increase prices for its cat litter products effective October 17, 2022, across the U.S. and Canada. This decision is a response to significant inflation in commodities, transportation, labor, and manufacturing costs. The CEO, Daniel S. Jaffee, emphasized that despite improved efficiencies, pricing actions are necessary to mitigate margin pressures. Specific details regarding the price increase will be communicated to customers directly by sales representatives.
Positive
- None.
Negative
- Price increases may lead to reduced sales volume if customers seek cheaper alternatives.
- Inflationary pressures highlight vulnerabilities in operational margins.
Details
News Market Reaction – ODC
The recorded move for ODC in the trading session of this news was -0.21%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHICAGO, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) announced that it will increase prices for its cat litter products effective October 17, 2022. These pricing actions will apply to branded and private label cat litter items sold within the United States and Canada.
These pricing measures are part of the Company’s response to substantial inflation on commodities, transportation, labor, and other manufacturing costs. Rapidly rising capital improvement costs are also factored into these price increases. Investments in our manufacturing infrastructure are essential to keep up with the rising demand of Oil-Dri’s cat litter products.
Daniel S. Jaffee, President and Chief Executive Officer, stated, “Despite improved operational efficiencies and expense optimization, we must further mitigate these negative effects on our margins with pricing actions. We value our partnerships with our customers and appreciate their ongoing support during this time.”
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 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.
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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