ODC - Oil-Dri Completes Strategic Acquisition of Ultra Pet Strengthening its Position in the Cat Litter Industry | Benzinga
CHICAGO, May 01, 2024 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE:ODC) ("Oil-Dri"), a leading manufacturer of sorbent minerals including clay-based cat litter, announces the closing of its previously announced $46 million acquisition of Ultra Pet Company, Inc. ("Ultra Pet"), a prominent supplier of silica gel-based crystal cat litter. The transaction was financed through a combination of cash-on-hand and Oil-Dri's existing credit facilities.
To ensure the successful integration of Ultra Pet into Oil-Dri's business, key leaders from both companies will leverage their expertise and resources to implement a unified strategy to expand the company's presence in the rapidly growing crystal cat litter segment. The combined team will also focus on optimizing operations and blending cultures, with an emphasis on ethics and values.
Daniel Jaffee, Oil-Dri's President and Chief Executive Officer, stated, "We are thrilled to welcome Ultra Pet to the Oil-Dri family. The completion of this acquisition is a testament to the hard work and dedication of our teams, and it opens up a wealth of opportunities for growth and product innovation. As we become a key player in the crystal cat litter segment, our dedication to delivering superior quality products and services will continue to distinguish us as an industry leader. Furthermore, the cultures of both companies are well-aligned, as we share similar core values and a commitment to excellence. Together, we are poised to build on the success that Ultra Pet has achieved in growing their crystals cat litter business by expanding our combined customer base with this broader range of product offerings."
Richard Murbach, Ultra Pet's Chief Executive Officer, added, "The Ultra Pet team is excited to become a part of Oil-Dri. The closing of this acquisition marks a pivotal moment towards the expansion of our ...