Oil-Dri Announces Price Increases on its Industrial, Automotive, and Sports Field Products
Rhea-AI Summary
Oil-Dri of America (NYSE: ODC) has announced price increases ranging from 5% to 8% on its industrial, automotive, and sports field products, effective November 1, 2024. The company states these pricing adjustments are necessary to offset higher costs and support continued investments in manufacturing infrastructure improvements. Oil-Dri is a vertically integrated manufacturer and supplier of specialty sorbent products serving various markets including pet care, animal health, bleaching clay, fluids purification, agricultural ingredients, sports field, industrial, and automotive sectors.
Positive
- Price increases of 5-8% across multiple product lines will boost revenue
- Vertically integrated operations provide better cost control and operational efficiency
Negative
- Higher costs affecting operational expenses necessitating price increases
- Required infrastructure investments putting pressure on margins
News Market Reaction – ODC
On the day this news was published, ODC gained 2.05%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) recently announced to its customers that it will implement price increases on its industrial, automotive, and sports field products effective today, November 1, 2024. These price increases will range from
Pricing actions are necessary to offset higher costs, as well as continued investments in manufacturing infrastructure improvements.
About Oil-Dri
Oil-Dri Corporation of America is a leading manufacturer and supplier of specialty sorbent products for the pet care, animal health, 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.
Contact:
Leslie A. Garber
Manager of Investor Relations
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515
FAQ
What is the percentage range of Oil-Dri's (ODC) price increase announced for November 2024?
When will Oil-Dri's (ODC) new price increases take effect?
Which product lines are affected by Oil-Dri's (ODC) November 2024 price increase?
Why is Oil-Dri (ODC) implementing price increases in November 2024?
