Oil-Dri Announces Price Increases on Clay Absorbents and Sports Field Products

Rhea-AI Summary

Oil-Dri Corporation of America (NYSE: ODC) announced price increases of 5% to 9% on clay absorbents and sports field products, effective September 1, 2021. This decision is driven by significant cost increases in packaging, materials, natural gas, and non-fuel manufacturing costs, despite ongoing improvements in manufacturing efficiencies. Sales representatives will communicate detailed information about the price adjustments directly to customers.

Positive

• Price increases may enhance revenue, contributing to overall financial stability.

Negative

• Rising costs for packaging, materials, and natural gas could pressure profit margins.

CHICAGO, July 30, 2021 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it will implement price increases of its clay absorbents and sports field products, effective September 1, 2021. These price increases will range from 5% to 9%, depending on the product.

Although Oil-Dri is continuously improving its manufacturing efficiencies, price adjustments are necessary as the company is facing significant cost increases across all input channels, including packaging, materials, natural gas, and non-fuel manufacturing costs.

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

FAQ

What is the reason for Oil-Dri's price increase on its products in September 2021?

Oil-Dri is implementing price increases due to significant cost increases across all input channels, including packaging, materials, and natural gas.

When will the price increases for Oil-Dri's products take effect?

The price increases will be effective on September 1, 2021.

How much will Oil-Dri raise prices for its products?

Prices for Oil-Dri's clay absorbents and sports field products will increase by 5% to 9%.

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

The price increase affects Oil-Dri's clay absorbents and sports field products.

How is Oil-Dri Corporation managing rising costs?

Oil-Dri is continuously improving manufacturing efficiencies but still needs to adjust prices to address rising costs.