Oil-Dri Announces Plans to Raise Prices on its Industrial and Automotive Absorbent Products
CHICAGO, April 01, 2022 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC) today announced that it is notifying customers of plans to raise prices on its industrial and automotive absorbent products during the fourth quarter of fiscal year 2022. These price increases will range from 15% to 20%, depending on the product.
“As we continue to operate in an inflationary environment, it is necessary to raise prices to offset higher packaging, natural gas, labor, and other manufacturing costs,” said Daniel S. Jaffee, President and Chief Executive Officer. “Pricing actions, production optimization, and cost reduction remain key objectives for the Company, as we navigate these challenging conditions and strive to restore our margins to historical levels.”
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 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