Oil-Dri Announces Price Increases on Industrial Clay and Synthetic Absorbents
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase of 7% to 10% for its industrial clay and synthetic absorbents, effective January 1, 2022.
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Rhea-AI Summary
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase of 7% to 10% for its industrial clay and synthetic absorbents, effective January 1, 2022. The decision, according to CEO Daniel S. Jaffee, is driven by ongoing inflationary pressures on materials, packaging, and manufacturing costs. The company emphasizes its commitment to maintaining product quality and supply for its customers. Further details will be communicated directly to customers by sales representatives.
Positive
- Price increases could enhance revenue amid rising costs.
- Focus on maintaining product quality could strengthen customer loyalty.
Negative
- Inflationary pressures may continue to impact profitability.
- Potential customer pushback against price hikes could affect sales.
Details
News Market Reaction – ODC
The recorded move for ODC in the trading session of this news was -0.06%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHICAGO, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it will implement price increases of its industrial clay and synthetic absorbents, effective January 1, 2022. These price increases will range from
Daniel S. Jaffee, President and Chief Executive Officer, stated, “These pricing actions are necessary due to ongoing inflationary pressures from materials, packaging, natural gas, and other manufacturing costs. Maintaining the high quality and supply of our products to our customers remains a top priority for the Company.”
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 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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