SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
_____________
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
_____________
(Mark One)
____
/ X / ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED].
For the fiscal year ended December 31, 1994.
OR
____
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
For the transition period from
_________to______________
Commission file number 33-29582
A. Full title of the plan and the address of the
plan, if different from that of the issuer named below:
SAVINGS PLAN FOR THE EMPLOYEES
OF TREDEGAR INDUSTRIES, INC.
B. Name of the issuer of the securities held
pursuant to the plan and the address of its principal
executive office:
Tredegar Industries, Inc.
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.
SAVINGS PLAN FOR THE EMPLOYEES
OF TREDEGAR INDUSTRIES, INC.
By: /s/ N. A. Scher
N. A. Scher, Chairman
Employee Savings Plan Committee
Dated: June 29, 1995
Appendix 1
SAVINGS PLAN FOR THE EMPLOYEES OF
TREDEGAR INDUSTRIES, INC.
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1994
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
INDEX OF FINANCIAL STATEMENTS
Page
Independent auditors' report 2
Financial statements
Statement of net assets available for benefits at
December 31, 1994 and 1993 3-4
Statement of changes in net assets available for
benefits for the years ended December 31, 1994,
1993, and 1992 5-7
Notes to financial statements 8-24
Independent Auditors' Report
To the Plan Administrator, Savings Plan for
the Employees of Tredegar Industries, Inc.
We have audited the accompanying statements of net assets
available for benefits of the Savings Plan for the Employees of
Tredegar Industries, Inc. (Plan) as of December 31, 1994 and
1993, and the related statements of changes in net assets
available for benefits for each of the three years in the period
ended December 31, 1994. These financial statements are the
responsibility of the Plan's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 1994 and
1993, and the changes in net assets available for benefits for
each of the three years in the period ended December 31, 1994, in
conformity with generally accepted accounting principles.
PLOTT & WALTON, PC
Richmond, Virginia
June 9, 1995
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1994
Active Inactive
Total (Note 3) (Note 4)
Assets:
Investments (Note 6):
Money market funds:
Nations Prime Portfolio
Trust A (cost $3,408,041) $ 3,408,041 $ 3,394,450 $ 13,591
Common stocks:
Albemarle Corporation
(cost $1,007,656) 2,759,377 - 2,759,377
Ethyl Corporation
(cost $1,187,968) 3,860,924 - 3,860,924
First Colony Corporation
(cost $1,476,601) 2,914,096 - 2,914,096
Tredegar Industries, Inc.
(cost $13,497,704) 18,670,185 18,670,185 -
United States government
obligations
(cost $3,804,001) 3,702,846 3,702,846 -
Total investments 35,315,469 25,767,481 9,547,988
Interest and dividends receivable 209,438 138,284 71,154
Net assets available for benefits $35,524,907 $25,905,765 $9,619,142
The accompanying notes are an integral part of these financial statements.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
Active Inactive
Total (Note 3) (Note 4)
Assets:
Investments (Note 6):
Money market funds:
Nations Prime Portfolio
Trust A
(cost $2,957,885) $ 2,957,885 $ 2,796,756 $ 161,129
Common stocks:
Ethyl Corporation
(cost $3,398,831) 8,215,445 - 8,215,445
First Colony Corporation
(cost $1,731,037) 3,874,280 - 3,874,280
Tredegar Industries, Inc.
(cost $12,156,658) 15,033,780 15,033,780 -
United States government
obligations
(cost $4,481,344) 4,443,296 4,443,296 -
Total investments 34,524,686 22,273,832 12,250,854
Receivables:
Interest and dividends 213,965 132,841 81,124
Due from brokers for securities
sold 73,994 - 73,994
Other 19,758 4,954 14,804
Total receivables 307,717 137,795 169,922
Cash 2,523 2,474 49
Total assets 34,834,926 22,414,101 12,420,825
Liabilities:
Withholding taxes payable 2,523 2,474 49
Net assets available for benefits $34,832,403 $22,411,627 $12,420,776
The accompanying notes are an integral part of these financial statements.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
Active Inactive
Total (Note 3) (Note 4)
Additions to net assets attributed to:
Investment income:
Interest $ 364,526 $ 361,133 $ 3,393
Dividends 551,686 254,775 296,911
Net appreciation (depreciation)
in the fair value of
investments 1,724,285 2,433,538 (709,253)
2,640,497 3,049,446 (408,949)
Contributions:
Employer 1,920,910 1,920,910 -
Participants 3,970,019 3,970,019 -
5,890,929 5,890,929 -
Total additions 8,531,426 8,940,375 (408,949)
Deductions from net assets attributed to:
Administrative expenses (Note 9) 25,786 20,050 5,736
Withdrawals paid to participating
employees 7,813,136 5,634,058 2,179,078
Total deductions 7,838,922 5,654,108 2,184,814
692,504 3,286,267 (2,593,763)
Intrafund transfers - 207,871 (207,871)
Net increase (decrease) for the year 692,504 3,494,138 (2,801,634)
Net assets available for benefits:
Beginning of year 34,832,403 22,411,627 12,420,776
End of year $35,524,907 $25,905,765 $ 9,619,142
The accompanying notes are an integral part of these financial statements.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
Active Inactive
Total (Note 3) (Note 4)
Additions to net assets attributed to:
Investment income:
Interest $ 303,690 $ 301,405 $ 2,285
Dividends 563,037 239,503 323,534
Net depreciation in the fair value
of investments (2,063,418) (789,904) (1,273,514)
(1,196,691) (248,996) (947,695)
Contributions:
Employer 2,027,054 2,027,054 -
Participants 4,195,214 4,195,214 -
6,222,268 6,222,268 -
Total additions 5,025,577 5,973,272 (947,695)
Deductions from net assets attributed to:
Administrative expenses (Note 9) 23,615 16,909 6,706
Withdrawals paid to participating
employees 7,424,283 5,172,806 2,251,477
Total deductions 7,447,898 5,189,715 2,258,183
(2,422,321) 783,557 (3,205,878)
Intrafund transfers - 380,923 (380,923)
Net increase (decrease) for the year (2,422,321) 1,164,480 (3,586,801)
Net assets available for benefits:
Beginning of year 37,254,724 21,247,147 16,007,577
End of year $34,832,403 $22,411,627 $12,420,776
The accompanying notes are an integral part of these financial statements.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1992
Active Inactive
Total (Note 3) (Note 4)
Additions to net assets attributed to:
Investment income:
Interest $ 343,050 $ 340,419 $ 2,631
Dividends 585,086 215,613 369,473
Net appreciation in the fair value
of investments 4,386,367 4,125,478 260,889
5,314,503 4,681,510 632,993
Contributions:
Employer 1,751,332 1,751,332 -
Participants 3,637,874 3,637,874 -
5,389,206 5,389,206 -
Total additions 10,703,709 10,070,716 632,993
Deductions from net assets attributed to:
Administrative expenses (Note 9) 22,302 13,785 8,517
Withdrawals paid to participating
employees 8,249,086 5,368,433 2,880,653
Total deductions 8,271,388 5,382,218 2,889,170
2,432,321 4,688,498 (2,256,177)
Intrafund transfers - 1,934,757 (1,934,757)
Net increase (decrease) for the year 2,432,321 6,623,255 (4,190,934)
Net assets available for benefits:
Beginning of year 34,822,403 14,623,892 20,198,511
End of year $37,254,724 $21,247,147 $16,007,577
The accompanying notes are an integral part of these financial statements.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
1. Summary of significant accounting policies
General - Tredegar Industries, Inc. (Tredegar), which
engages directly or through subsidiaries in plastics and
aluminum businesses, is a Virginia corporation that was
organized in 1988 as a wholly owned subsidiary of Ethyl
Corporation. On or about July 10, 1989 (Record Date),
Ethyl Corporation distributed all of the outstanding shares
of Tredegar common stock to the holders of common stock of
Ethyl Corporation at the rate of one share of Tredegar
common stock for every ten shares of Ethyl Corporation
common stock held on the Record Date.
The Savings Plan for the Employees of Tredegar
Industries, Inc. (Plan) was adopted by the Board of
Directors of Tredegar on June 14, 1989, and was approved by
Ethyl Corporation, Tredegar's sole shareholder, on June 19,
1989. The Plan was effective as of July 1, 1989. In
connection with the establishment of the Plan and the
distribution of Tredegar's common stock, the accounts of
Tredegar employees in the Savings Plan for the Employees of
Ethyl Corporation (Ethyl Plan) were transferred to the
Plan.
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 and, for that
reason, 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 account.
The accompanying financial statements of the Plan have
been prepared in conformity with generally accepted
accounting principles.
Security valuation - Investments are stated at fair
value determined as follows:
Money market funds - market price which is
equivalent to cost
Common stocks - last published sale price
on the New York Stock
Exchange
United States government
obligations - last bid price
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
1. Summary of significant accounting policies (Continued)
Security transactions and related investment income -
Security transactions are accounted for on the trade date
and dividend income is recorded as earned on the ex-
dividend date. Interest income is recorded as earned on
the accrual basis. Premiums and discounts on securities
are not being amortized or accreted because the effect on
the financial statements would not be significant and would
have no effect on net asset values. In determining the
realized net gain or loss on securities sold, the cost of
securities is determined on an average cost basis. The
Plan presents in the statements of changes in net assets
available for benefits the net appreciation (depreciation)
in the fair value of investments, which consists of the
realized gains or losses and the change in unrealized
appreciation (depreciation) on those investments.
2. Description of Plan
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
23225.
3. Active funds
As of December 31, 1994, the following net assets were
available for benefits:
Tredegar
Short-Term Government Industries
Investment Obligations Inc. Common
Fund Fund Stock Fund Total
Assets:
Investments:
Money market funds:
Nations Prime Portfolio
Trust A $2,325,188 $ 920,597 $ 148,665 $ 3,394,450
Common stocks:
Tredegar Industries, Inc. - - 18,670,185 18,670,185
United States government
obligations - 3,702,846 - 3,702,846
Total investments 2,325,188 4,623,443 18,818,850 25,767,481
Interest and dividends
receivable 10,286 62,883 65,115 138,284
Net assets available for
benefits $2,335,474 $4,686,326 $18,883,965 $25,905,765
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
3. Active funds (Continued)
As of December 31, 1993, the following net assets were available
for benefits:
Tredegar
Short-Term Government Industries
Investment Obligations Inc. Common
Fund Fund Stock Fund Total
Assets:
Investments:
Money market funds:
Nations Prime Portfolio
Trust A $ 2,350,148 $ 252,064 $ 194,544 $ 2,796,756
Common stocks:
Tredegar Industries, Inc. - - 15,033,780 15,033,780
United States government
obligations - 4,443,296 - 4,443,296
Total investments 2,350,148 4,695,360 15,228,324 22,273,832
Receivables:
Interest and dividends 5,997 66,587 60,257 132,841
Other 240 1,490 3,224 4,954
Total receivables 6,237 68,077 63,481 137,795
Cash 32 61 2,381 2,474
Total assets 2,356,417 4,763,498 15,294,186 22,414,101
Liabilities:
Withholding taxes payable 32 61 2,381 2,474
Net assets available for benefits $2,356,385 $4,763,437 $15,291,805 $22,411,627
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
3. Active funds (Continued)
For the year ended December 31, 1994, net assets
available for benefits changed as follows:
Tredegar
Short-Term Government Industries
Investment Obligations Inc. Common
Fund Fund Stock Fund Total
Additions to net assets attributable to:
Investment income:
Interest $ 73,037 $ 280,300 $ 7,796 $ 361,133
Dividends - - 254,775 254,775
Net appreciation (depreciation)
in the fair value of investments - (144,435) 2,577,973 2,433,538
73,037 135,865 2,840,544 3,049,446
Contributions:
Employer - - 1,920,910 1,920,910
Participants 2,010,352 871,024 1,088,643 3,970,019
2,010,352 871,024 3,009,553 5,890,929
Total additions 2,083,389 1,006,889 5,850,097 8,940,375
Deductions from net assets attributed to:
Administrative expenses 1,635 10,121 8,294 20,050
Withdrawals paid to participating
employees 2,048,437 1,669,153 1,916,468 5,634,058
Total deductions 2,050,072 1,679,274 1,924,762 5,654,108
33,317 (672,385) 3,925,335 3,286,267
Intrafund transfers (54,228) 595,274 (333,175) 207,871
Net increase (decrease) for the year (20,911) (77,111) 3,592,160 3,494,138
Net assets available for benefits:
Beginning of year 2,356,385 4,763,437 15,291,805 22,411,627
End of year $2,335,474 $4,686,326 $18,883,965 $25,905,765
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
3. Active funds (Continued)
For the year ended December 31, 1993, net assets
available for benefits changed as follows:
Tredegar
Short-Term Government Industries
Investment Obligations Inc. Common
Fund Fund Stock Fund Total
Additions to net assets attributable to:
Investment income:
Interest $ 52,400 $ 244,943 $ 4,062 $ 301,405
Dividends - - 239,503 239,503
Net depreciation in the fair value
of investments - (103,334) (686,570) (789,904)
52,400 141,609 (443,005) (248,996)
Contributions:
Employer - - 2,027,054 2,027,054
Participants 2,061,716 912,920 1,220,578 4,195,214
2,061,716 912,920 3,247,632 6,222,268
Total addition 2,114,116 1,054,529 2,804,627 5,973,272
Deductions from net assets attributed to:
Administrative expenses 1,337 9,109 6,463 16,909
Withdrawals paid to participating
employees 2,109,098 1,252,860 1,810,848 5,172,806
Total deductions 2,110,435 1,261,969 1,817,311 5,189,715
3,681 (207,440) 987,316 783,557
Intrafund transfers (66,235) 1,084,684 (637,526) 380,923
Net increase (decrease) for the year (62,554) 877,244 349,790 1,164,480
Net assets available for benefits:
Beginning of year 2,418,939 3,886,193 14,942,015 21,247,147
End of year $2,356,385 $4,763,437 $15,291,805 $22,411,627
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
3. Active funds (Continued)
For the year ended December 31, 1992, net assets
available for benefits changed as follows:
Tredegar
Short-Term Government Industries
Investment Obligations Inc. Common
Fund Fund Stock Fund Total
Additions to net assets attributable to:
Investment income:
Interest $ 66,263 $ 270,782 $ 3,374 $ 340,419
Dividends - - 215,613 215,613
Net appreciation (depreciation) in
the fair value of investments - (105,567) 4,231,045 4,125,478
66,263 165,215 4,450,032 4,681,510
Contributions:
Employer - - 1,751,332 1,751,332
Participants 1,924,120 749,435 964,319 3,637,874
1,924,120 749,435 2,715,651 5,389,206
Total additions 1,990,383 914,650 7,165,683 10,070,716
Deductions from net assets attributed to:
Administrative expenses (712) 6,706 7,791 13,785
Withdrawals paid to participating
employees 2,200,880 1,515,129 1,652,424 5,368,433
Total deductions 2,200,168 1,521,835 1,660,215 5,382,218
(209,785) (607,185) 5,505,468 4,688,498
Intrafund transfers (88,913) 428,706 1,594,964 1,934,757
Net increase (decrease) for the year (298,698) (178,479) 7,100,432 6,623,255
Net assets available for benefits:
Beginning of year 2,717,637 4,064,672 7,841,583 14,623,892
End of year $2,418,939 $3,886,193 $14,942,015 $21,247,147
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
4. Inactive funds
As of December 31, 1994, the following net assets were
available for benefits:
Ethyl First Colony Albemarle
Corporation Corporation Corporation
Common Common Common
Stock Fund Stock Fund Stock Fund Total
Assets:
Investments:
Money market funds:
Nations Prime Portfolio Trust A $ 5,716 $ 4,291 $ 3,584 $ 13,591
Common stocks:
Albemarle Corporation - - 2,759,377 2,759,377
Ethyl Corporation 3,860,924 - - 3,860,924
First Colony Corporation - 2,914,096 - 2,914,096
Total investments 3,866,640 2,918,387 2,762,961 9,547,988
Interest and dividends receivable 50,616 10,500 10,038 71,154
Net assets available for benefits $3,917,256 $2,928,887 $2,772,999 $ 9,619,142
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
4. Inactive funds (Continued)
As of December 31, 1993, the following net assets were
available for benefits:
Ethyl First Colony
Corporation Corporation
Common Common
Stock Fund Stock Fund Total
Assets:
Investments:
Money market funds:
Nations Prime Portfolio Trust A $ 110,724 $ 50,405 $ 161,129
Common stocks:
Ethyl Corporation 8,215,445 - 8,215,445
First Colony Corporation - 3,874,280 3,874,280
Total investments 8,326,169 3,924,685 12,250,854
Receivables:
Interest and dividends 70,688 10,436 81,124
Due from brokers for securities
sold - 73,994 73,994
Other - 14,804 14,804
Total receivables 70,688 99,234 169,922
Cash 49 - 49
Total assets 8,396,906 4,023,919 12,420,825
Liabilities:
Withholding taxes payable 49 - 49
Net assets available for benefits $8,396,857 $4,023,919 $12,420,776
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
4. Inactive funds (Continued)
For the year ended December 31, 1994, net assets
available for benefits changed as follows:
Ethyl First Colony Albemarle
Corporation Corporation Corporation
Common Common Common
Stock Fund Stock Fund Stock Fund Total
Additions to net assets attributable
to:
Investment income:
Interest $ 1,577 $ 896 $ 920 $ 3,393
Dividends 213,930 40,093 42,888 296,911
Net appreciation (depreciation)
in the fair value of
investments (446,864) (472,817) 210,428 (709,253)
Total additions (231,357) (431,828) 254,236 (408,949)
Deductions from net assets attributed
to:
Administrative expenses 2,914 1,600 1,222 5,736
Withdrawals paid to participating
employees 1,060,799 603,816 514,463 2,179,078
Total deductions 1,063,713 605,416 515,685 2,184,814
(1,295,070) (1,037,244) (261,449) (2,593,763)
Intrafund transfers (3,184,531) (57,788) 3,034,448 (207,871)
Net increase (decrease) for the
year (4,479,601) (1,095,032) 2,772,999 (2,801,634)
Net assets available for benefits:
Beginning of year 8,396,857 4,023,919 - 12,420,776
End of year $3,917,256 $2,928,887 $2,772,999 $ 9,619,142
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
4. Inactive funds (Continued)
For the year ended December 31, 1993, net assets
available for benefits changed as follows:
Ethyl First Colony
Corporation Corporation
Common Common
Stock Fund Stock Fund Total
Additions to net assets attributable to:
Investment income:
Interest $ 1,788 $ 497 $ 2,285
Dividends 302,351 21,183 323,534
Net depreciation in the fair value
of investments (836,842) (436,672) (1,273,514)
Total additions (532,703) (414,992) (947,695)
Deductions from net assets attributed to:
Administrative expenses 5,941 765 6,706
Withdrawals paid to participating employees 2,087,647 163,830 2,251,477
Total deductions 2,093,588 164,595 2,258,183
(2,626,291) (579,587) (3,205,878)
Intrafund transfers (4,984,429) 4,603,506 (380,923)
Net increase (decrease) for the year (7,610,720) 4,023,919 (3,586,801)
Net assets available for benefits:
Beginning of year 16,007,577 - 16,007,577
End of year $ 8,396,857 $4,023,919 $12,420,776
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
4. Inactive funds (Continued)
For the year ended December 31, 1992, the Ethyl
Corporation Common Stock Fund net assets available for
benefits changed as follows:
Additions to net assets attributable to:
Investment income:
Interest $ 2,631
Dividends 369,473
Net appreciation in the fair value of investments 260,889
Total additions 632,993
Deductions from net assets attributed to:
Administrative expenses 8,517
Withdrawals paid to participating employees 2,880,653
Total deductions 2,889,170
(2,256,177)
Intrafund transfers (1,934,757)
Net decrease for the year (4,190,934)
Net assets available for benefits:
Beginning of year 20,198,511
End of year $16,007,577
5. Contributions and investment options
As of December 31, 1994 and 1993, there were 1,559 and
1,751 employees, respectively, participating in the Plan.
Participation in each fund was as follows:
Number of Participants
December 31,
1994 1993
Short-Term Investment Fund 910 933
Government Obligations Fund 686 662
Tredegar Industries, Inc. Common Stock Fund 1,543 1,557
Albemarle Corporation Common Stock Fund 444 -
Ethyl Corporation Common Stock Fund 444 505
First Colony Corporation Common Stock Fund 443 503
As of December 31, 1994 and 1993, 2,572 and 2,987 employees,
respectively, were eligible to participate in the Plan.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
5. Contributions and investment options (Continued)
Participants in the Plan currently may select a program
for investment in the Short-Term Investment Fund, Government
Obligations Fund or Tredegar Industries, Inc. Common Stock
Fund, or in any combination thereof in even multiples of
10%. Each participant may contribute a percentage of his or
her base pay (as defined) ranging from a minimum of 1% to a
maximum of 10%. The contribution paid on behalf of the
participant by Tredegar is equal to 50% of each
participant's contribution. Contributions made by Tredegar
are invested in the Tredegar Industries, Inc. Common Stock
Fund.
No additional contributions may be invested in either
the Ethyl Corporation Common Stock Fund (which was an
investment option under the Ethyl Plan), the First Colony
Corporation Common Stock Fund (which was created during 1993
as the result of a distribution to Ethyl Corporation
stockholders) or the Albemarle Corporation Common Stock Fund
(which was created during 1994 as the result of a
distribution to Ethyl Corporation stockholders). However,
existing investments in these Funds may continue or the
participants may direct the transfer of their investment in
these Funds to the Government Obligations Fund or the
Tredegar Industries, Inc. Common Stock Fund.
Investments in the Short-Term Investment Fund are
selected by NationsBank (Trustee) from fund securities
maturing within one year or revolving credit arrangements
that are completely liquid investments. Investments in the
other active funds are made primarily in United States
government obligations and Tredegar common stock.
Investments in the common stock of Ethyl Corporation, First
Colony Corporation, and Albemarle Corporation are now held
until liquidation or distribution under the Plan. The
United States government obligations selected for investment
are United States Treasury notes or bills. The Trustee is
permitted under the trust agreement to invest monies held by
it until such time as the funds are invested in accordance
with participants' directions or disbursed in accordance
with the terms of the Plan. These permitted investments
include certain commercial paper, variable notes,
certificates of deposit, money market funds and obligations
of or guaranteed by the government of the United States or
any agency thereof.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
5. Contributions and investment options (Continued)
The cost basis assigned to the First Colony Corporation
common stock received from the distribution by Ethyl
Corporation was 31.62% of the cost basis of the Ethyl
Corporation common stock. The market value of First Colony
Corporation common stock on July 1, 1993 was $3,018,995 in
excess of the cost basis assigned.
The cost basis assigned to the Albemarle Corporation
common stock received from the distribution by Ethyl
Corporation was 34.99% of the cost basis of the Ethyl
Corporation common stock. The market value of Albemarle
Corporation common stock on February 28, 1994, was
$1,889,293 in excess of the cost basis assigned.
6. Investments
The following tables present the fair value of
investments (as determined by quoted market price) as of
December 31, 1994 and 1993. Investments that represent five
percent or more of the Plans net assets are separately
identified.
FAIR VALUE OF INVESTMENTS
December 31, 1994
Number of shares
or units - principal Fair
Name of issuer and title of each issue bonds and notes Cost Value (1)
Money market funds:
Nations Prime Portfolio Trust A $ 3,408,041 $ 3,408,041
Common stocks:
Albemarle Corporation 198,874 1,007,656 2,759,377
Ethyl Corporation 401,135 1,187,968 3,860,924
First Colony Corporation 130,239 1,476,601 2,914,096
Tredegar Industries, Inc. 1,074,543 13,497,704 18,670,185
United States government obligations $3,705,000 3,804,001 3,702,846
Total investments $24,381,971 $35,315,469
(1) Investments are carried in the statement of net assets available for benefits at
fair value.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
6. Investments (Continued)
FAIR VALUE OF INVESTMENTS
December 31, 1993
Number of shares
or units - principal Fair
Name of issuer and title of each issue bonds and notes Cost Value (1)
Money market funds:
Nations Prime Portfolio Trust A $ 2,957,885 $ 2,957,885
Common stocks:
Ethyl Corporation 469,454 3,398,831 8,215,445
First Colony Corporation 152,681 1,731,037 3,874,280
Tredegar Industries, Inc. 1,002,252 12,156,658 15,033,780
United States government obligations:
Treasury note, 5.375%, due April 30, 1994 $1,800,000 1,813,078 1,811,808
Others 2,600,000 2,668,266 2,631,488
Total investments $24,725,755 $34,524,686
(1) Investments are carried in the statement of net assets available for benefits at
fair value.
Closing stock prices as of December 31, 1994 and 1993, were as follows:
1994 1993
Albemarle Corporation common stock $13.875 $ -
Ethyl Corporation common stock 9.625 17.500
First Colony Corporation common stock 22.375 25.375
Tredegar Industries, Inc. common stock 17.375 15.000
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
6. Investments (Continued)
During the years ended December 31, 1994 and 1993, the
Plan's investment portfolio (including investments bought,
sold and held during the year) appreciated (depreciated) in
value by $1,724,285 and $(2,063,418) as follows:
Net change in fair value
1994 1993
United States government obligations $ (144,435) $ (103,334)
Tredegar Industries, Inc. common stock 2,577,973 (686,570)
Albemarle Corporation common stock 210,428 -
Ethyl Corporation common stock (446,864) (836,842)
First Colony Corporation common stock (472,817) (436,672)
Net change in fair value $1,724,285 $(2,063,418)
7. Federal income taxes
The Plan is a defined contribution plan that is
intended to be qualified under Section 401(a) of the
Internal Revenue Code of 1986 (Code). The Plan contains a
cash or deferred arrangement that is designed to satisfy the
requirements of Code Section 401(k). Generally,
contributions (other than employee after-tax contributions)
to the Plan and earnings on those contributions are not
taxable until distributed from the Plan. The Plan was
restated and amended effective January 1, 1994. Tredegar
has requested the Internal Revenue Service to issue a
favorable determination letter concerning the form of the
Plan under Code Section 401(a). Although there can be no
assurance that the Internal Revenue Service will issue a
favorable determination letter with respect to the Plan,
Tredegar expects that it will do so.
8. Annual Short-Term Investment Fund distribution
The Plan provides that an annual distribution of 75% of
each participant's interest in the Short-Term Investment
Fund as of the end of the preceding plan year will be made
as promptly as practicable after the beginning of the new
plan year unless a participant elects to transfer this
distribution to the Government Obligations Fund or the
Tredegar Industries, Inc. Common Stock Fund. Annual
distributions in the amount of $1,665,194, $1,667,074, and
$1,623,524 were paid from the Short-Term Investment Fund in
February 1995, 1994, and 1993, respectively. The remaining
25% is carried over in the Short-Term Investment Fund.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
9. Administrative expenses
Effective January 1, 1990, Trustee expenses are borne
by the Plan. All other expenses are borne by Tredegar.
10. Forfeitures
Employees who leave Tredegar before becoming fully
vested in Tredegar contributions forfeit the value of their
nonvested account. Forfeitures are applied against
Tredegar's contributions throughout the year. Forfeitures
were as follows:
1994 $64,113
1993 70,735
1992 62,409
EXHIBIT INDEX
24.1 Consent of Independent Auditors
Exhibit 24.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement of Tredegar Industries, Inc. on Form S-8 (File Numbers
33-29582 and 33-47800) of our report dated June 9, 1995,
appearing in this Annual Report on Form 11-K of the Savings Plan
for the Employees of Tredegar Industries, Inc. for the year ended
December 31, 1994.
PLOTT & WALTON, PC
June 26, 1995
