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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCKPURCHASE, SAVINGS

AND SIMILAR PLANSPURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One):

☒	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

☐	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to ______________

Commission file number 1-10258

A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

TREDEGAR CORPORATION

RETIREMENT SAVINGS PLAN

B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Tredegar Corporation

1100 Boulders Parkway

Richmond, Virginia 23225

REQUIRED INFORMATION

See Appendix 1.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

	TREDEGAR CORPORATION
	RETIREMENT SAVINGS PLAN

	By:	/s/ Michael J. Schewel
		Michael J. Schewel
		Employee Savings Plan Committee

Date: June 19, 2020

Appendix 1

Tredegar Corporation Retirement

Savings Plan

Financial Report

December 31, 2019 and 2018

TABLE OF CONTENTS

		Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1

FINANCIAL STATEMENTS

	Statements of Net Assets Available for Benefits	2

	Statements of Changes in Net Assets Available for Benefits	3

	Notes to Financial Statements	4-12

SUPPLEMENTARY INFORMATION

	Schedule H, Line 4i- Schedule of Assets (Held at End of Year)	13

Table of Contents

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Employee Benefits Administrative Committee, Plan Administrator, and Plan Participants of the Tredegar Corporation Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Tredegar Corporation Retirement Savings Plan (the Plan) as of December 31, 2019 and 2018, the related statements of changes in net assets available for benefits for the years then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying schedule of Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ PBMares, LLP

We have served as the Plan’s auditor since 2002.

Richmond, Virginia

June 19, 2020

Table of Contents

FINANCIAL STATEMENTS

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

December 31, 2019 and 2018

Assets	2019		2018

Investments, at fair value:
Money market fund	$	642,032	$	516,823
Mutual funds		113,186,449		94,582,283
Tredegar Corporation common stock		18,201,038		14,297,299
Self-directed brokerage account		3,982,739		2,620,047
Common collective trust		3,526,089		3,951,419

Total investments		139,538,347		115,967,871

Receivables:
Accrued dividends		97,954		99,397
Notes receivable from participants		3,495,456		2,922,068

Total receivables		3,593,410		3,021,465

Total assets		143,131,757		118,989,336

Liabilities and Net Assets Available for Benefits

Excess contribution liability		-		214,131

Net assets available for benefits	$	143,131,757	$	118,775,205

See accompanying notes.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31, 2019 and 2018

	2019		2018
Additions to net assets attributed to:
Investment income:
Interest and dividends	$	3,431,011	$	5,485,202
Net appreciation (depreciation) in fair value of investments		24,062,080		(15,369,866	)

Total investment gain (loss)		27,493,091		(9,884,664	)

Interest income on notes receivable from participants		176,727		146,947

Contributions:
Participants		6,597,576		5,999,836
Employer		3,955,202		3,697,052
Rollovers		695,924		753,244

Total contributions		11,248,702		10,450,132

Other income		19,321		-

Total additions		38,937,841		712,415

Deductions from net assets attributed to:
Administrative expenses		184,365		186,394
Benefits paid to participating employees		14,396,924		20,271,593

Total deductions		14,581,289		20,457,987

Net increase (decrease)		24,356,552		(19,745,572	)

Net assets available for benefits:

Beginning of year		118,775,205		138,520,777

End of year	$	143,131,757	$	118,775,205

See accompanying notes.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 1.

DESCRIPTION OF PLAN

General

Tredegar Corporation and subsidiaries (collectively “Tredegar” or “the Company” or “Plan Sponsor”), which is primarily engaged in the manufacturing of aluminum extrusions, polyethylene films and polyester films, is a Virginia corporation. The Tredegar Corporation Retirement Savings Plan (“Plan”) was adopted by the Board of Directors of Tredegar (“the Board”) on June 14, 1989 and the Plan was effective as of July 1, 1989.

The Plan is subject to Titles I, II and III and is exempt from Title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Title IV of ERISA provides for federally sponsored insurance for plans that terminate with unfunded benefits. No such insurance is provided to participants in this Plan; however, because the benefits that participants are entitled to receive are always equal to the value of their account balances, the Plan is always fully funded. The value of a participant’s account may change from time to time. Each participant assumes the risk of fluctuations in the value of his or her account.

The Plan is a defined contribution plan. Information regarding plan benefits and vesting is provided in the Plan and related documents, which are available at Tredegar’s main office at 1100 Boulders Parkway, Richmond, Virginia. Effective January 1, 2019, the Plan was amended to make the Plan a safe harbor 401(k) plan and eliminate after-tax contributions.

The Plan is administered by the Company. Plan assets were held by Great-West Trust Company, LLC through April 30, 2018. Effective May 1, 2018, Plan assets were transferred to Fidelity Management Trust Company (“Fidelity”), the new trustee of the Plan.

NOTE 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued

Investment Valuation and Income Recognition

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s realized and unrealized gains and losses on investments bought and sold as well as held during the year.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2019 or 2018. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.

Payment of Benefits

Benefits are recorded when paid.

Administrative Expenses

The Plan is responsible for all trustee and investment management fees. Participants are charged a pro-rated per-participant fee. For the periods January 1, 2018 to April 30, 2018 and May 1, 2018 to December 31, 2019, the per participant fee was $77.00 (0.12%) and $82.00 (0.12%), respectively. To cover additional expenses, in 2018, participants were also charged 0.04% of annual plan-related expenses. There were no additional charges in 2019. Tredegar also pays for other administrative expenses up to an annual limit of $75,000. Any expenses in excess of this limit are paid by the Plan.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 3.

CONTRIBUTIONS AND INVESTMENT OPTIONS

A participant may contribute a percentage of his or her eligible base pay (as defined) ranging from a minimum of 0.5% (one-half of one percent) to 75%. Effective May 1, 2018 and January 1, 2019, the minimum pre-tax elections is 0.5% and 1%, respectively. The 2019 and 2018 Tredegar matching contribution was $1.00 for every $1.00 a participant contributed up to 5% each payroll period.

With the exception of participants covered under certain collective bargaining agreements, employees are automatically enrolled in the Plan with a pre-tax contribution equal to 3% of base pay invested in the age appropriate target fund and automatically increased in the succeeding plan year until the contribution level is equal to 5% of base pay. Employees have the choice to waive automatic enrollment as well as automatic increase and contribute more or less in their choice of investment funds.

Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers twenty-three (23) mutual funds, one (1) common collective trust, one (1) money market fund and a self-directed brokerage window as investment options to participants. Investments also include the Tredegar Stock Fund, in which new investments are prohibited.

All employer matching contributions are allocated according to the participant’s investment direction. If no selection is made, 100% is allocated to the applicable target date fund; the Plan’s default funds, based on the participant’s age and an estimated retirement age of 65. The Plan Sponsor may also make an additional discretionary match, to be determined by the Board. There were no such discretionary contributions for the years ended December 31, 2019 and 2018, respectively.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 4.

FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include:

•

quoted prices for similar assets or liabilities in active markets;

•

quoted prices for identical or similar assets or liabilities in inactive markets;

•

inputs other than quoted prices that are observable for the asset or liability;

•

inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.

Money market fund: Valued at market price, which is equivalent to $1 per unit.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission (“SEC”). These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 4.

FAIR VALUE MEASUREMENTS, Continued

Common stock: Valued at closing price reported on the active market on which the individual securities are traded.

Self-directed brokerage account: Valued at the closing price reported on the active market on which the individual securities are traded.

Common/collective trust: A fund that is composed primarily of fully benefit-responsive investment contracts that is valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the funds less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables summarize financial assets measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, as of December 31, 2019 and 2018, respectively:

Assets Measured at Fair Value on a Recurring Basis at December 31, 2019

	Level 1		Total
Money market fund	$	642,032	$	642,032
Mutual funds		113,186,449		113,186,449
Common stock		18,201,038		18,201,038
Self-directed brokerage account		3,982,739		3,982,739
Total assets in the fair value hierarchy	$	136,012,258		136,012,258
Investments measured at NAV				3,526,089
Total investments at fair value			$	139,538,347

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 4.

FAIR VALUE MEASUREMENTS, Continued

Assets Measured at Fair Value on a Recurring Basis at December 31, 2018

	Level 1		Total
Money market fund	$	516,823	$	516,823
Mutual funds		94,582,283		94,582,283
Common stock		14,297,299		14,297,299
Self-directed brokerage account		2,620,047		2,620,047
Total assets in the fair value hierarchy	$	112,016,452		112,016,452
Investments measured at NAV				3,951,419
Total investments at fair value			$	115,967,871

The Plan did not hold any Level 2 or Level 3 investments as of December 31, 2019 and 2018.

Fair Value of Investments in Entities that Use NAV

The following tables summarize investments measured at fair value based on NAV per share at December 31, 2019 and 2018, respectively.

December 31, 2019	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common Collective Trust - Galliard Retirement Income Fund 45 ⁽¹⁾	$ 3,526,089	N/A	Daily or monthly	None or 5 days

December 31, 2018	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common Collective Trust - Galliard Retirement Income Fund 45 ⁽¹⁾	$ 3,951,419	N/A	Daily or monthly	None or 5 days

⁽¹⁾^{Galliard Retirement Income Fund is an open-end fund incorporated in the United States that will be invested in the Galliard Managed
Income Fund. This fund seeks to provide safety of principal, adequate liquidity and competitive yield with low return volatility.}

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 5.

FORFEITURES

Employees who leave Tredegar before becoming fully vested in Tredegar contributions forfeit the value of the nonvested portion of the Tredegar contribution account. At December 31, 2019, forfeited nonvested accounts available to reduce future administrative expenses totaled $6,115. At December 31, 2018, forfeited nonvested accounts available to reduce future employer contributions totaled $7,453. Employee forfeitures were $0 during 2019 and $548 during 2018. In 2019 and 2018, employer contributions were reduced by $0 and $28,914, respectively, from forfeited nonvested accounts, and $27,259 and $53,133, respectively, were offset to administrative expenses.

NOTE 6.

RELATED PARTY AND PARTY IN INTEREST TRANSACTIONS

Certain fees incurred by the Plan for the investment management services are included in net appreciation (depreciation) in fair value of the investment, as they are paid through revenue sharing, rather than a direct payment.

Certain Plan investments are shares of stock in Tredegar. Tredegar is the Plan Sponsor as defined by the Plan and, therefore, these transactions qualify as related party transactions.

The Plan also issues loans to participants, which are secured by the vested balances in the participant’s accounts.

NOTE 7.

INCOME TAX STATUS

The Plan received its latest determination letter on February 28, 2018, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (“IRC”). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the taxing authorities. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any periods.

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 8.

RISKS AND UNCERTAINTIES

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

NOTE 9.

RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

	2019			2018
Net assets available for benefits per financial statements	$	143,131,757		$	118,775,205

Adjustment for deemed distributed loans current year		(35,372	)		(21,290	)

Net assets available for benefits per the Form 5500	$	143,096,385		$	118,753,915

Total additions per financial statements	$	38,937,841		$	712,415

Adjustment for corrective distributions current year		-			214,131

Total income per Form 5500	$	38,937,841		$	926,546

Total deductions per financial statement	$	14,581,289		$	20,457,987

Adjustment for corrective distributions current year		-			214,131

Adjustment for deemed distributed loans prior year		14,082			8,055

Total expenses per form 5500	$	14,595,371		$	20,680,173

Net increase (decrease) per financial statements	$	24,356,552		$	(19,745,572	)

Adjustment for deemed distributed loans prior year		(14,082	)		(8,055	)

Net income (loss) per Form 5500	$	24,342,470		$	(19,753,627	)

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TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2019 and 2018

NOTE 10.

PLAN TERMINATION

Although it has not expressed any intent to do so, Tredegar has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their employer contributions.

NOTE 11.

SUBSEQUENT EVENTS

The Plan has evaluated all events through June 19, 2020, the date the financial statements were issued and has determined that the events discussed below require disclosure pursuant to the FASB ASC.

In March 2020, COVID-19 was declared a worldwide health pandemic and has had a significant impact on the national and global economy. The ultimate impact of COVID-19 on the Plan’s financial statements is unknown at this time. However, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020, which provides relief to Plan participants who have been affected by the COVID-19 pandemic as specified in the CARES Act. Management elected to implement certain provisions of the CARES Act and will execute a formal Plan amendment within the timeframe required by law. There are no other subsequent events to be reported in the accompanying financial statements.

Table of Contents

SUPPLEMENTARY INFORMATION

Table of Contents

TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2019

EIN: 54-1497771 PN: 002

(a)	(b) Identity of issuer, borrower, lessor or similar party	(c) Description of investment including maturity date, rate of interest, collateral, par or maturity value	(d) Cost		(e) Current Value
*	Fidelity Government Cash Reserve	Money Market Fund	**	$	642,032
	American Funds Europacific GR R6	Mutual Funds	**		1,618,143
	AMG Managers Silvercrest Small Cap N	Mutual Funds	**		924,991
	Carillon Eagle Mid Cap Growth I	Mutual Funds	**		1,639,878
	DFA Emerging Markets I	Mutual Funds	**		661,459
	Metropolitan West Total Return Bond M	Mutual Funds	**		1,167,062
	Templeton Global Bond ADV	Mutual Funds	**		449,949
	Vanguard Extended Market IDX ADM	Mutual Funds	**		2,492,567
	Vanguard Inflation-Protected Secs ADM	Mutual Funds	**		434,041
	Vanguard Institutional Index Fund	Mutual Funds	**		10,403,714
	Vanguard REIT Index - Admiral	Mutual Funds	**		438,073
	Vanguard Target Retirement Income	Mutual Funds	**		178,229
	Vanguard Target Retirement 2015	Mutual Funds	**		4,436,158
	Vanguard Target Retirement 2020	Mutual Funds	**		12,960,377
	Vanguard Target Retirement 2025	Mutual Funds	**		26,737,888
	Vanguard Target Retirement 2030	Mutual Funds	**		17,217,570
	Vanguard Target Retirement 2035	Mutual Funds	**		10,381,568
	Vanguard Target Retirement 2040	Mutual Funds	**		7,817,815
	Vanguard Target Retirement 2045	Mutual Funds	**		4,652,635
	Vanguard Target Retirement 2050	Mutual Funds	**		3,364,966
	Vanguard Target Retirement 2055	Mutual Funds	**		1,823,640
	Vanguard Target Retirement 2060	Mutual Funds	**		1,365,786
	Vanguard Total Bond Market Index ADM	Mutual Funds	**		1,469,191
	Vanguard Total Intl Stock Index Admiral	Mutual Funds	**		550,749
	Galliard Retirement Income Fund 45	Collective/Common Trust	**		3,526,089
*	Tredegar Company Stock	Employer Stock	**		18,201,038
*	Various	Self Directed Brokerage Account	**		3,982,739
*	Participant loans	536 loans, 4.25% - 6.50%	$-0-		3,495,456
				$	143,033,803

*	party-in-interest
**	Cost omitted for participant directed investments

See report of independent registered public accounting firm

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statements (File Nos. 033-64647, 333-66562 and 333-120132) on Form S-8 of Tredegar Corporation of our report dated June 19, 2020, relating to our audit of the financial statements and supplemental schedule of Tredegar Corporation Retirement Savings Plan, which appears in this Annual Report on Form 11-K of Tredegar Corporation Retirement Savings Plan for the year ended December 31, 2019.

/s/ PBMares, LLP

Richmond, Virginia

June 19, 2020