Oil-Dri Announces Price Increase On Fluids Purification Products
CHICAGO, IL -- (Marketwired) -- 12/08/16 -- Oil-Dri Corporation of America (NYSE: ODC) announced today that it will be implementing up to a 4% price increase on its fluids purification products sold into the edible oil market. The increase will be effective January 1, 2017 or when existing contracts next allow. The price increase is due to the rising costs of regulatory compliance and manufacturing costs which include labor, repairs, benefits and depreciation.
Oil-Dri has been a trusted supplier of bleaching clays and selective adsorbents to the edible oil industry since 1986. Its long history of working closely with the industry has enabled its customers to produce high quality edible oils and biofuels using its Pure-Flo® and Select® brands of fluids purification products.
The year 2016 marks Oil-Dri's seventy-fifth year of business. The Company is proud to be celebrating this momentous anniversary and looks forward to the next milestone. While floor absorbents were the Company's initial product, it has since diversified its portfolio to include products that supply pet care, crop and horticultural, sports field, fluids purification, and animal health markets.
This release contains certain forward-looking statements regarding the company's expected performance for future periods, and actual results for such periods might materially differ. Such forward-looking statements are subject to uncertainties which include, but are not limited to, intense competition from much larger organizations in the consumer market; the level of success in implementation of price increases and surcharges; increasing acceptance of genetically modified and treated seed and other changes in overall agricultural demand; increasing regulation of the food chain; changes in the market conditions, the overall economy, volatility in the price and availability of natural gas, fuel oil and other energy sources, and other factors detailed from time to time in the company's annual report and other reports filed with the Securities and Exchange Commission.
Reagan B. Culbertson
Corporate Communications & Investor Relations Manager
Source: Oil-Dri Corporation of America