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)
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/ X /     ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
          ACT OF 1934 [FEE  REQUIRED].
           For the fiscal year ended  December  31, 1995.

                                       OR


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/   /     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 20, 1996

                                                                      Appendix 1

                SAVINGS PLAN FOR THE EMPLOYEES OF
                    TREDEGAR INDUSTRIES, INC.

                          ANNUAL REPORT

                       FOR THE YEAR ENDED
                       DECEMBER 31, 1995





















   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, 1995                                                        3
    December 31, 1994                                                        4
  Statement of changes in net assets available for
    benefits for the year ended:
      December 31, 1995                                                      5
      December 31, 1994                                                      6
      December 31, 1993                                                      7
  Notes to financial statements                                           8-22








































                  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, 1995 and 1994,  and the related  statements of changes
in net assets  available  for benefits for each of the three years in the period
ended December 31, 1995. 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,  1995 and 1994,  and the  changes in net assets  available  for
benefits for each of the three years in the period ended  December 31, 1995,  in
conformity with generally accepted accounting principles.



                               PLOTT & WALTON, PC








Richmond, Virginia
June 7, 1996





   SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.

         STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

                        DECEMBER 31, 1995

Active Inactive Total (Note 3) (Note 4) Assets: Investments (Note 6): Money market funds: Wachovia Bank Diversified Trust Fund (cost $2,521,648) $ 2,521,648 $ 2,521,501 $ 147 Common stocks: Albemarle Corporation (cost $927,405) 3,530,978 - 3,530,978 Ethyl Corporation (cost $1,791,937) 4,615,145 - 4,615,145 First Colony Corporation (cost $1,353,267) 3,017,973 - 3,017,973 Tredegar Industries, Inc. (cost $14,463,055) 34,933,135 34,933,135 - United States government obligations (cost $5,733,986) 5,736,347 5,736,347 - Total investments 54,355,226 43,190,983 11,164,243 Interest and dividends receivable 293,215 224,592 68,623 54,648,441 43,415,575 11,232,866 Liabilities: Accrued administrative expenses 45,151 34,780 10,371 Net assets available for benefits $54,603,290 $43,380,795 $11,222,495 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, 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 CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1995
Active Inactive Total (Note 3) (Note 4) Additions to net assets attributed to: Investment income: Interest $ 474,531 $ 473,102 $ 1,429 Dividends 574,514 292,430 282,084 Net appreciation in the fair value of investments 18,565,114 16,096,989 2,468,125 19,614,159 16,862,521 2,751,638 Contributions: Employer 1,635,515 1,635,515 - Participants 3,974,257 3,974,257 - 5,609,772 5,609,772 - Total additions 25,223,931 22,472,293 2,751,638 Deductions from net assets attributed to: Administrative expenses (Note 9) 51,839 39,551 12,288 Withdrawals paid to participating employees 6,093,709 5,373,021 720,688 Total deductions 6,145,548 5,412,572 732,976 19,078,383 17,059,721 2,018,662 Intrafund transfers - 415,309 (415,309) Net increase for the year 19,078,383 17,475,030 1,603,353 Net assets available for benefits: Beginning of year 35,524,907 25,905,765 9,619,142 End of year $54,603,290 $43,380,795 $11,222,495 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. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 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, 1995 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. Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. 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, 1995, 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: Wachovia Bank Diversified Trust Fund $2,247,466 $ 95,917 $ 178,118 $ 2,521,501 Common stocks: Tredegar Industries, Inc. - - 34,933,135 34,933,135 United States government obligations - 5,736,347 - 5,736,347 Total investments 2,247,466 5,832,264 35,111,253 43,190,983
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 3. Active funds (Continued)
Tredegar Short-Term Government Industries Investment Obligations Inc. Common Fund Fund Stock Fund Total Assets (Continued): Interest and dividends receivable 10,913 115,802 97,877 224,592 Intrafund transfer receivable (payable) 66,377 24,724 (91,101) - 2,324,756 5,972,790 35,118,029 43,415,575 Liabilities: Accrued administrative expenses 2,518 5,248 27,014 34,780 Net assets available for benefits $2,322,238 $5,967,542 $35,091,015 $43,380,795
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, 1995 3. Active funds (Continued) For the year ended December 31, 1995, 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 $ 101,744 $ 363,179 $ 8,179 $ 473,102 Dividends - - 292,430 292,430 Net appreciation in the fair value of investments - 50,283 16,046,706 16,096,989 101,744 413,462 16,347,315 16,862,521 Contributions: Employer - - 1,635,515 1,635,515 Participants 1,913,990 853,612 1,206,655 3,974,257 1,913,990 853,612 2,842,170 5,609,772 Total additions 2,015,734 1,267,074 19,189,485 22,472,293 Deductions from net assets attributed to: Administrative expenses 4,674 6,407 28,470 39,551 Withdrawals paid to participating employees 1,968,318 1,526,571 1,878,132 5,373,021 Total deductions 1,972,992 1,532,978 1,906,602 5,412,572 42,742 (265,904) 17,282,883 17,059,721 Intrafund transfers (55,978) 1,547,120 (1,075,833) 415,309 Net increase (decrease) for the year (13,236) 1,281,216 16,207,050 17,475,030 Net assets available for benefits: Beginning of year 2,335,474 4,686,326 18,883,965 25,905,765 End of year $2,322,238 $5,967,542 $35,091,015 $43,380,795
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 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, 1995 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 additions 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, 1995 4. Inactive funds As of December 31, 1995, 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: Wachovia Bank Diversified Trust Fund $ 74 $ 54 $ 19 $ 147 Common stocks: Albemarle Corporation - - 3,530,978 3,530,978 Ethyl Corporation 4,615,145 - - 4,615,145 First Colony Corporation - 3,017,973 - 3,017,973 Total investments 4,615,219 3,018,027 3,530,997 11,164,243 Interest and dividends receivable 46,618 11,982 10,023 68,623 4,661,837 3,030,009 3,541,020 11,232,866 Liabilities: Accrued administrative expenses 4,247 2,972 3,152 10,371 Net assets available for benefits $4,657,590 $3,027,037 $3,537,868 $11,222,495
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, 1995 4. Inactive funds (Continued) For the year ended December 31, 1995, 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 $ 1,024 $ 190 $ 215 $ 1,429 Dividends 192,411 49,957 39,716 282,084 Net appreciation in the fair value of investments 1,060,532 379,799 1,027,794 2,468,125 Total additions 1,253,967 429,946 1,067,725 2,751,638 Deductions from net assets attributed to: Administrative expenses 4,940 3,580 3,768 12,288 Withdrawals paid to participating employees 313,567 198,667 208,454 720,688 Total deductions 318,507 202,247 212,222 732,976 935,460 227,699 855,503 2,018,662 Intrafund transfers (195,126) (129,549) (90,634) (415,309) Net increase for the year 740,334 98,150 764,869 1,603,353 Net assets available for benefits: Beginning of year 3,917,256 2,928,887 2,772,999 9,619,142 End of year $4,657,590 $3,027,037 $3,537,868 $11,222,495
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 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, 1995 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, 1995 5. Contributions and investment options As of December 31, 1995 and 1994, there were 1,558 and 1,559 employees, respectively, participating in the Plan. Participation in each fund was as follows: Number of Participants December 31, 1995 1994 Short-Term Investment Fund 593 910 Government Obligations Fund 673 686 Tredegar Industries, Inc. Common Stock Fund 1,555 1,543 Albemarle Corporation Common Stock Fund 411 444 Ethyl Corporation Common Stock Fund 410 444 First Colony Corporation Common Stock Fund 410 443 As of December 31, 1995 and 1994, 1,847 and 2,572 employees, respectively, were eligible to participate in the Plan. 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 50% of each participant's contribution (for certain divisions' participants, this match is limited to 25% of the first 6% of salary deferrals). 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. SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 5. Contributions and investment options (Continued) Investments in the Short-Term Investment Fund are selected by Wachovia Bank, N.A. (Trustee) (NationsBank, N.A. prior to January 1, 1995), 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. 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, 1995 and 1994. Investments that represent five percent or more of the Plan's net assets are separately identified. SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 6. Investments (Continued) FAIR VALUE OF INVESTMENTS December 31, 1995
Number of shares or units - principal Fair Name of issuer and title of each issue bonds and notes Cost Value (1) Money market funds: Wachovia Bank Diversified Trust Fund $ 2,521,648 $ 2,521,648 Common stocks: Albemarle Corporation 182,244 927,405 3,530,978 Ethyl Corporation 372,941 1,791,937 4,615,145 First Colony Corporation 118,935 1,353,267 3,017,973 Tredegar Industries, Inc. 1,083,198 14,463,055 34,933,135 United States government obligations $5,650,000 5,733,986 5,736,347 Total investments $26,791,298 $54,355,226
(1) Investments are carried in the statement of net assets available for benefits at fair value. 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, 1995 6. Investments (Continued) Closing stock prices as of December 31, 1995 and 1994, were as follows: 1995 1994 Albemarle Corporation common stock $19.375 $13.875 Ethyl Corporation common stock 12.375 9.625 First Colony Corporation common stock 25.375 22.375 Tredegar Industries, Inc. common stock(1) 32.250 17.375 (1) On January 1, 1996, Tredegar effected a 3 for 2 stock split. The stock prices listed above are reported on a pre-split basis. During the years ended December 31, 1995 and 1994, the Plan's investment portfolio (including investments bought, sold and held during the year) appreciated in value by $18,565,114 and $1,724,285 as follows: Net change in fair value 1995 1994 United States government obligations $ 50,283 $ (144,435) Tredegar Industries, Inc. common stock 16,046,706 2,577,973 Albemarle Corporation common stock 1,027,794 210,428 Ethyl Corporation common stock 1,060,532 (446,864) First Colony Corporation common stock 379,799 (472,817) Net change in fair value $18,565,114 $1,724,285 7. Federal income taxes The Plan is a defined contribution plan that is 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. The Internal Revenue Service has issued a favorable determination letter concerning the form of the Plan under Code Section 401(a). SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 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 $1,822,924, $1,665,194, and $1,667,074 were paid from the Short-Term Investment Fund in February 1996, 1995, and 1994, respectively. The remaining balance, if any, is carried over in the Short-Term Investment Fund. 9. Administrative expenses 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: 1995 $76,280 1994 64,113 1993 70,735 11. Subsequent event On March 29, 1996, Tredegar sold Tredegar Molded Products Company, a wholly owned subsidiary. The sale affects approximately 600 plan participants. 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 Number 33-64647) of our report dated
June 7, 1996,  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,
1995.


                                                          /s/ Plott & Walton, PC
                                                            PLOTT & WALTON, PC































June 19, 1996