UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2003

Tredegar Corporation
(Exact Name of Registrant as Specified in its Charter)

Registrant’s telephone number, including area code:     (804) 330-1000

        This Current Report on Form 8-K and the earnings press release attached hereto are being furnished by Tredegar Corporation pursuant to Item 12 of Form 8-K, in accordance with SEC Release Nos. 33-8216; 34-47583, insofar as they disclose historical information regarding our results of operations and financial condition for the second quarter of 2003.

        On July 21, 2003, Tredegar Corporation announced its results of operations for the second quarter of 2003. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release by Tredegar Corporation containing that announcement.

        In accordance with General Instruction B.6 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

TREDEGAR REPORTS SECOND-QUARTER RESULTS

        RICHMOND, Va., July 21, 2003 - Tredegar Corporation (NYSE:TG) reported second-quarter income from continuing operations of $1.7 million (4 cents per share) compared to $14.3 million (36 cents per share) in 2002. Earnings from manufacturing operations were $7.6 million (20 cents per share) versus $16.5 million (42 cents per share) in 2002. Second-quarter sales were $181.6 million versus $200.6 million in 2002.

        A summary of second-quarter and year-to-date results from continuing operations is shown below:

        Norman A. Scher, Tredegar’s president and chief executive officer, said: “We expect some improvement in earnings from manufacturing operations in the second half of the year. The second quarter should be the low point for our films business in 2003, and we continue to expect sales and profit growth during 2004. Market conditions in aluminum show some signs of recovery. With recent orders reflecting a pick-up in overall industry demand, third-quarter profits should improve from current levels. However, we cannot forecast a significant profit upturn in our aluminum business until we see more evidence of a sustainable increase in order rates.”

        Scher added: “Our aggressive pursuit of lower costs is beginning to have a meaningful impact. Restructuring at corporate and division levels and other cost reduction initiatives should ultimately yield approximately $30 million in annualized savings, and efforts to minimize costs are continuing. When business conditions improve, we will be well positioned to increase profits.”

MANUFACTURING OPERATIONS
Film Products

        Second-quarter net sales in Film Products were $88.4 million, down 9% from $97.3 million in 2002. Operating profit from ongoing operations (excluding unusual items and losses related to plant shutdowns, asset impairments and restructurings) was $10.1 million versus $18.7 million last year. Volume for the quarter was 66 million pounds, down 19% from 81 million pounds in 2002. Year-to-date net sales were $181.8 million versus $186.2 million in 2002. Operating profit from ongoing operations was $24 million, compared to $36.8 million in 2002. Year-to-date volume decreased 12% to 139 million pounds from 158 million pounds. Results for 2002 and the first quarter of 2003 include revenues and profits related to certain discontinued domestic backsheet business.

        On June 16, Tredegar said it would not achieve the $12 million operating profit level that had been expected in the second quarter due to higher costs associated with raw materials, lower than expected volumes from a seasonal customer, and higher manufacturing costs on certain new products. The company said it was unable to recover the full cost of resin price increases and that costs related to certain new product start-ups were higher than expected. Film Products’ strategy is based on expanding sales of apertured, elastic and breathable products. The division is commercializing several new products, including a new feminine pad topsheet for European markets.

        Year-to-date capital expenditures totaled $22 million. Film Products expects to spend approximately $45 million in 2003 in support of continued global expansion and product development efforts.

Aluminum Extrusions

        Second-quarter net sales in Aluminum Extrusions were $88.6 million, down 11% from $99.1 million in 2002. Operating profit from ongoing operations declined to $4.9 million, down 52% from $10.3 million in 2002. Volume for the quarter was 58 million pounds, down 8% from 63 million pounds in 2002.

        The company said recent increases in customer orders should boost third-quarter profits from current levels, and that it continues to make progress in reducing costs and improving key measures of customer satisfaction.

        Year-to-date net sales were $173.1 million, down 6% from $183.8 million in 2002. Operating profit from ongoing operations for the six-month period was $6.1 million, down 61% from $15.6 million in 2002. Year-to-date volume decreased 6% to 112 million pounds from 119 million pounds.

        Through June 30, capital expenditures totaled $4 million and are expected to be approximately $15 million for the year.

THERICS

        The second-quarter operating loss from ongoing operations at Therics was $3.3 million compared to a loss of $3.1 million in 2002. On a similar basis, the year-to-date loss was $6.6 million compared to $6.8 million in 2002.

        In April, Tredegar announced that it had suspended efforts to sell Therics pending a reassessment of strategic alternatives. The company said it would provide an update on the status of this strategic review when it reports third-quarter earnings.

OTHER ITEMS

        Second-quarter results include a net after-tax charge of $3.8 million (10 cents per share) related to plant shutdowns, asset impairments and restructurings, including severance costs of $2.8 million. Also included in the charge is $201,000 related to the planned shutdown of the films plant in New Bern, NC, announced in June. The plant is scheduled to close by mid-2004, and the company is expected to incur additional charges of approximately $6 million ($3.9 million or 10 cents per share after taxes) over the next year. Last year’s second-quarter results included a net after-tax charge of $172,000 related to other plant closures.

        Second-quarter results also include a net gain from discontinued operations for Molecumetics of $891,000 (2 cents per share) related to the sale of intellectual property. Second-quarter 2002 results included a net loss from discontinued operations of $5.4 million (14 cents per share) associated with Molecumetics, which was closed in July of 2002, and a net loss from discontinued venture capital activities of $12.2 million (31 cents per share).

        Year-to-date net after-tax charges for unusual items, plant shutdowns, asset impairments and restructurings were $4.5 million (12 cents per share) in 2003 and $809,000 (2 cents per share) in 2002. The year-to-date net loss for discontinued operations totaled $48.6 million ($1.26 per share) in 2003 and $27.1 million (70 cents per share) in 2002.

        Further details regarding other items are provided in the financial tables included with this press release.

CAPITAL STRUCTURE

        Pro forma net debt (debt net of cash and income taxes recoverable from the sale of the venture capital portfolio) was $63 million, or less than one times the last twelve months Adjusted EBITDA from manufacturing operations. See notes to financial tables for reconciliations to comparable GAAP measures.

        Tredegar purchased 249,800 shares of its common stock during the second quarter for $3.2 million at an average price of $12.94 per share. Year-to-date the company purchased 406,400 shares for $5.2 million at an average price of $12.72 per share. Under a standing authorization from its board of directors, Tredegar can repurchase up to an additional 3.4 million shares in the open market or through privately negotiated transactions. On June 30, the company had 38.1 million shares outstanding.

QUARTERLY CONFERENCE CALL

        Tredegar management will host a conference call on July 22 at 11:00 a.m. EDT to discuss its earnings results. Individuals can access the call by dialing 888-662-7338. Individuals calling from outside of the United States should dial 706-679-4074. A replay of the call will be available, beginning at 2:00 p.m. on July 22 through July 29, by dialing 800-642-1687 (domestic) or 706-645-9291 (international), conference ID 1548110.

        Alternatively, individuals may listen to the live webcast of the presentation by visiting the Tredegar Web site at www.tredegar.com. The webcast of the call may be accessed by selecting the “Webcast of second-quarter results” link under “What’s New” on the home page. An archived version of the call will be available for replay on the Web site for approximately two weeks.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

        The words “believe,” “hope,” “expect,” “are likely,” and similar expressions identify “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation the following:

        Film Products is highly dependent on sales to one customer, which comprised approximately 30% of Tredegar’s net sales in 2002. Film Products’ success in this regard depends on its ability to develop products that meet this customer’s requirements as well as market acceptance of this customer’s products. Our ability to grow Film Products and attract new customers depends on developing and delivering new products, especially in the personal care market. Personal care products are now being made with a variety of new materials, replacing traditional backsheet and other components. While we have substantial technical resources, there can be no assurance that our new products can be brought to market successfully, or at the same level of profitability and market share of replaced films. A shift in customer preferences away from our technologies, our inability to develop and deliver new profitable products, or delayed acceptance of our new products in domestic and foreign markets, could have a material adverse effect on our business.

        Aluminum Extrusions is a cyclical business that is highly dependent on the economic conditions of its end-use markets in the U.S. and Canada, particularly in the construction, distribution and transportation industries. This business is also subject to seasonal slowdowns during the winter months. Aluminum Extrusions is under increasing domestic and foreign competitive pressures, including a growing presence of Chinese imports in a number of Aluminum Extrusions’ markets.

        Future performance is also influenced by the costs incurred by Tredegar’s businesses. There is no assurance that cost control efforts will offset cost increases or any additional declines in revenues. Likewise, there is no assurance of our ability to pass through to our customers cost increases in raw materials.

        With the shutdown of Molecumetics, the current operations of Tredegar Biotech consist of Therics. We will continue to incur losses as we reassess Therics’ strategic options. There is no assurance we will realize any return on our continuing investment in Therics.

        Tredegar does not undertake to update any forward-looking statement made in this press release to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based.

        To the extent that this release contains non-GAAP financial measures, it also presents both the most directly comparable financial measures calculated and presented in accordance with GAAP and a quantitative reconciliation of the difference between any such non-GAAP measures and such comparable GAAP financial measures. Accompanying the reconciliation is management’s statement concerning the reasons why management believes that presentation of non-GAAP measures provides useful information to investors concerning Tredegar’s financial condition and results of operations.

        Based in Richmond, Va., Tredegar Corporation is a global manufacturer of plastic films and aluminum extrusions.

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Notes to the Financial Tables