Who Owns Oil-Dri Company?

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Who owns Oil-Dri Corporation of America?

Understanding a company's ownership is key to grasping its strategy and accountability. For Oil-Dri Corporation of America, a leader in sorbent products since 1941, its ownership journey reflects its growth and market evolution.

The company's structure has shifted from its founder's vision to a diverse investor base, influencing its governance and direction.

Oil-Dri Corporation of America (NYSE: ODC) reported consolidated net sales of $436.8 million in fiscal year 2024, with net income reaching $44.9 million. As of August 2025, its market capitalization stood at approximately $0.82 billion USD. The company's operations are vertically integrated, including mining and processing facilities across North America and international subsidiaries. Their product range includes sorbent minerals for various applications, such as animal health and fluids purification, alongside consumer goods like Oil-Dri BCG Matrix.

Oil-Dri Corporation of America's journey began in 1941, founded by Nick Jaffee in Chicago, Illinois. Jaffee's initial venture capitalized on his discovery of clay's absorbent qualities, though specific early funding details are not widely documented, typical for startups of that era.

Founding Vision

Nick Jaffee observed the absorbent properties of clay, leading to the creation of Floor-Dri Oil and Grease Absorbent.

Initial Sales

The product was first sold to Sears car repair facilities in Chicago, marking the company's initial market entry.

Strategic Partnership

A pivotal partnership was formed with P.D. Jackson, owner of Motor Master, providing crucial capital and a sales team.

Product Evolution

The company, initially a joint venture with their wives, focused on mineral floor absorbents and eventually rebranded its product as Oil-Dri.

Family Integration

Nick Jaffee's brothers, Woodrow, Leo, and Saul, joined the company after their military service, taking on key operational roles.

Next Generation Involvement

In the 1950s, Nick Jaffee actively involved his sons, including Robert, in the business, even establishing a subsidiary.

Following Nick Jaffee's passing in 1962, his son Richard Jaffee assumed leadership as chairman and CEO. This early family involvement, particularly through a class of super-voting shares, established a foundational ownership structure that heavily influenced the company's direction and governance. The Jaffee family's commitment to the business is a core part of the Mission, Vision & Core Values of Oil-Dri.

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Oil-Dri Corporation of America's journey to its current ownership structure began with its public offering in 1971, a move that provided access to capital for growth. While some records suggest a later IPO date, the company was indeed trading publicly much earlier. This transition marked a significant step in its corporate evolution, impacting its ability to fund expansion and product development.

The ownership of Oil-Dri Corporation of America is a dynamic mix, with the founding Jaffee family retaining substantial influence through super-voting Class B shares. As of February 28, 2025, the company had 10,320,217 shares of Common Stock and 4,269,856 shares of Class B Stock outstanding, illustrating the family's continued control. While institutional investors like Gamco Investors, Inc. Et Al, EQ ADVISORS TRUST, Dimensional Fund Advisors Lp, BlackRock, Inc., and Vanguard Group Inc. hold significant stakes, the dual-class share structure ensures the family's strategic direction remains paramount. The company's market capitalization fluctuated, standing at $0.89 billion in July 2025 and $0.82 billion in August 2025, reflecting market dynamics and investor sentiment.

Key Stakeholders and Their Influence

Understanding who owns Oil-Dri is crucial for grasping its corporate governance and strategic decisions. The Jaffee family's continued control through Class B shares is a defining characteristic of Oil-Dri Company ownership.

• The Jaffee family holds significant control via super-voting Class B shares.
• Institutional investors like Gamco Investors, Inc. Et Al are major shareholders.
• Retail investors constitute a substantial portion of the shareholder base.
• The dual-class share structure impacts voting power and strategic direction.
• The Brief History of Oil-Dri highlights its transition to a public entity.

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The Board of Directors at Oil-Dri Corporation of America is responsible for guiding the company's strategic direction and overseeing its operations. As of late 2024, key leadership includes Daniel S. Jaffee as President and Chief Executive Officer, and Richard M. Jaffee serving as Chairman of the Board, indicating continued family involvement in the company's governance.

The corporate structure of Oil-Dri Corporation of America is significantly shaped by its dual-class share system, which dictates voting power among its shareholders. As of July 31, 2024, the company's capital stock comprised Common Stock, Class B Stock, and Class A Common Stock, each with a par value of $0.10 per share. The Class B Stock carries ten votes per share, while the Common Stock has one vote per share, effectively concentrating voting control with Class B shareholders. Class A Common Stock, which has no voting rights, is not currently outstanding. This structure allows the founding Jaffee family to retain substantial control over the company's decisions, even if their economic stake is proportionally smaller than their voting influence. The company emphasizes sound corporate governance, with annual director elections, confidential voting, and a majority of independent directors on the board, though the precise representation of major shareholders on the board is not always detailed in public summaries. Understanding this Competitors Landscape of Oil-Dri is crucial for grasping the dynamics of Oil-Dri Company ownership.

Voting Power Dynamics

Oil-Dri's dual-class share structure is central to its ownership and control. Class B Stockholders hold significantly more voting power per share than Common Stockholders.

• Class B Stock: 10 votes per share
• Common Stock: 1 vote per share
• Class A Common Stock: No voting rights
• Jaffee family maintains significant control through Class B shares
• Corporate governance includes annual director elections and independent board majority

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Over the past few years, the ownership landscape of Oil-Dri Corporation of America has remained a blend of institutional, insider, and retail investors, reflecting a stable yet dynamic shareholder base. The company's consistent financial performance has bolstered its appeal to various investor segments.

Recent developments highlight the company's robust financial health and strategic direction. For fiscal year 2024, consolidated net sales reached $436.8 million, an increase of 6% year-over-year, with net income more than doubling to $44.9 million. The company's revenue for the trailing 12 months ending April 30, 2025, stood at $474 million. This strong performance contributed to its inclusion on Forbes' List of America's Most Successful Small-Cap Companies for 2025, marking its second consecutive appearance. The company has also maintained its commitment to shareholders through consistent dividend payments, having paid cash dividends continuously since 1974 and increasing them annually for eighteen consecutive years as of October 2021. The declared quarterly cash dividend was $0.18 per share as of August 2, 2025. A significant proposed change in its corporate structure includes a 2:1 stock split in the form of a stock dividend, pending shareholder approval to amend the Certificate of Incorporation. Leadership remains consistent, with Daniel S. Jaffee serving as President and CEO and Richard M. Jaffee as Chairman, indicating continued family involvement in the company's strategic vision and its focus on its mission to 'Create Value from Sorbent Minerals.' Understanding the Growth Strategy of Oil-Dri provides further context to these ownership trends.

Financial Strength Recognized

Oil-Dri Corporation of America achieved a 6% increase in net sales for fiscal year 2024, reaching $436.8 million. Net income more than doubled to $44.9 million in the same period.

Investor Base Composition

As of March 31, 2025, institutional investors held 67.87% of the company's shares. Insider ownership was approximately 2.71%, with retail investors holding about 54.11%.

Shareholder Returns and Dividends

The company has a long history of paying cash dividends, continuously since 1974. The declared quarterly cash dividend was $0.18 per share as of August 2, 2025.

Future Corporate Actions

A proposal for a 2:1 stock split in the form of a stock dividend is planned, subject to shareholder approval. This aims to increase the number of authorized shares of Common Stock.

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