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): October 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. 33-8176; 34-47226, insofar as they disclose historical information regarding our results of operations and financial condition for the third quarter of 2003.

        On October 21, 2003, Tredegar Corporation announced its results of operations for the third 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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      FOR IMMEDIATE RELEASE

TREDEGAR REPORTS THIRD-QUARTER RESULTS

COMPANY WILL CONTINUE OPERATING BIOTECH SUBSIDIARY

        RICHMOND, Va., Oct. 21, 2003 – Tredegar Corporation (NYSE:TG) reported third-quarter income from continuing operations of $6.4 million (17 cents per share) compared to $11.9 million (30 cents per share) in 2002. Earnings from manufacturing operations were $9.3 million (24 cents per share) versus $14.2 million (36 cents per share) in the third quarter of 2002 and $7.6 million (20 cents per share) in the second quarter of this year. Third-quarter sales were $193.1 million versus $194.6 million in the third quarter of 2002 and $181.6 million in the second quarter of this year. A summary of third-quarter and year-to-date results from continuing operations is shown below:

        * The after-tax effects of unusual items, plant shutdowns, asset impairments and restructurings, Therics’ ongoing operations, and gain on sale of corporate assets have been presented separately and removed from income and earnings per share from continuing operations as reported under GAAP to determine Tredegar’s presentation of income and earnings per share from manufacturing operations. Income and earnings per share from manufacturing operations are key financial and analytical measures used by Tredegar to gauge the operating performance of its manufacturing businesses. They are not intended to represent the stand-alone results for Tredegar’s manufacturing businesses under GAAP and should not be considered as an alternative to net income or earnings per share as defined by GAAP. They exclude items that we believe do not relate to Tredegar’s ongoing manufacturing operations. They also exclude Therics, a technology company that cannot be analyzed and valued by historical measures of earnings and cash flow. Therics’ prospects and value currently depend on its ability to develop, manufacture, market and profit from its orthopaedic product line. There is no assurance whether or when we might realize any return on our investment in Therics.

        Tredegar also announced the completion of a strategic assessment of its Therics subsidiary, which resulted in a decision to support the 2004 rollout of a new line of orthopaedic products.

        Norman A. Scher, Tredegar’s president and chief executive officer, said: “The improvement in manufacturing earnings over second-quarter results was encouraging, though far from satisfactory. In our films division, fourth-quarter profits should remain near third-quarter results, and we expect gradual improvement in 2004. In aluminum, customer orders have declined to last year’s levels after showing strength early in the third quarter, and we’re now entering the seasonally weak winter months. Given these factors, fourth-quarter aluminum profits are not likely to show improvement over year-ago levels. We are continuing to reduce costs aggressively throughout the company.”

        Regarding the decision to support Therics’ product rollout, Scher said: “This decision is based on the belief that our technology has significant value. It also reflects our confidence in the new management team at Therics, which is highly focused on controlling expenses and expects to begin generating revenue in the first half of 2004. We expect Therics to demonstrate near-term progress against milestones that are clearly defined and measurable. We believe that Therics’ products will provide unique value to the rapidly growing market for bone graft substitutes.”

MANUFACTURING OPERATIONS

Film Products

        Third-quarter net sales in Film Products were $92.2 million, down 2% from $94.5 million in 2002. Operating profit from ongoing operations (excluding unusual items and losses related to plant shutdowns, asset impairments and restructurings) was $10.8 million versus $16.6 million last year. Volume for the quarter was 68 million pounds, down 8% from 74 million pounds in 2002. Net sales, operating profit and volume in the second quarter of 2003, the first full quarter reflecting the loss of certain discontinued domestic backsheet business, were $88.4 million, $10.1 million and 66 million pounds, respectively.

        Year-to-date net sales were $274 million versus $280.7 million in 2002. Operating profit from ongoing operations was $34.8 million, compared to $53.4 million in 2002. Year-to-date volume decreased 11% to 207 million pounds, down from 232 million pounds in 2002.

        Film Products’ strategy is based on expanding sales of apertured, elastic and specialty products. Sales of these and other products that are unrelated to certain discontinued domestic backsheet continue to grow and now comprise approximately 90% of Film Products’ revenue. Expectations for near-term profit improvement are tempered by higher costs related to recent resin price increases, new product introductions and capacity additions in Europe, China and the U.S. Cost reduction activities are continuing, including the qualification of new lower cost resins, manufacturing efficiency efforts and the closure of the plant in New Bern, NC.

        Year-to-date capital expenditures totaled $37 million. Film Products expects to spend approximately $55 million in 2003 and $40 million in 2004 to support continued global expansion and product development efforts.

Aluminum Extrusions

        Third-quarter net sales in Aluminum Extrusions were flat at $96 million while operating profit from ongoing operations declined to $6.5 million, down 20% from $8.1 million in 2002. Volume was 63 million pounds for the quarter, up 1% from 62 million pounds in 2002. Profits continue to be affected by higher energy and insurance costs. On a sequential basis, net sales were up 8% while operating profit improved by $1.6 million or 35% over second-quarter results. Volume was up 9%.

        Year-to-date net sales were $269.1 million, down 4% from $279.6 million in 2002. Operating profit from ongoing operations for the nine-month period was $12.6 million, down 47% from $23.7 million in 2002. Year-to-date volume decreased 4% to 174 million pounds, down from 181 million pounds in 2002.

        Through September 30, capital expenditures totaled $7 million and are expected to be about $12 million for the year.

THERICS

        The third-quarter operating loss from ongoing operations at Therics was $2.6 million compared to a loss of $3.3 million in 2002. On a similar basis, the year-to-date loss was $9.2 million compared to $10.1 million in 2002.

        The company expects the near-term operating losses at Therics to remain around $3 million per quarter. Operating losses should decline as sales begin to ramp up in the second half of 2004.

        Therics has developed an initial family of products that will be launched in the first half of 2004 and will compete in the orthobiologics sector of orthopaedic and neurosurgical medicine. Orthobiologic products use biology and biochemistry to repair, replace or regenerate musculoskeletal structures. The market in the U.S. for such products was estimated at $700 million in 2002 and, based on the aging and expanded life expectancies of the U.S. population, is projected to grow about 25% annually for the next several years.

        Therics’ orthobiologics product line will use its proprietary TheriForm digital microfabrication technology to develop a line of bone graft implants for the orthopaedic and neurosurgical markets.

        Therics president, Thomas S. Stribling, said: “Therics is evolving quickly from a research organization into a results-driven company that develops, manufactures and markets products based on its unique TheriForm technology. We know that our long-term success depends on delivering against near-term milestones. We expect to begin generating revenue and building value for Tredegar in the first half of 2004.”

OTHER ITEMS

        Third-quarter results include a net after-tax charge of $2.6 million (7 cents per share) related to plant shutdowns, asset impairments and restructurings. Results also include a $1.4 million (4 cents per share) after-tax gain on the sale of corporate assets. Last year’s third-quarter results include a net after-tax charge of $114,000 (1 cent per share) related to a plant closure. Third-quarter 2002 results also include a net loss from discontinued operations of $13.7 million (35 cents per share) primarily related to discontinued venture capital activities.

        Year-to-date after-tax charges for unusual items, plant shutdowns, asset impairments and restructurings were $7.1 million (18 cents per share) compared to $923,000 (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 $40.8 million ($1.05 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 $67.8 million, or less than one times the last twelve months adjusted EBITDA from manufacturing operations. The company refinanced its debt earlier this month with a new $250 million credit agreement consisting of a $175 million three-year revolving credit facility and a $75 million three-year term loan. See notes to financial tables for reconciliations to comparable GAAP measures.

QUARTERLY CONFERENCE CALL

        Tredegar management will host a conference call on October 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 the United States should dial 706-679-4074. A replay of the call will be available, beginning at 2:00 p.m. on October 22 through October 29, by dialing 800-642-1687 (domestic) or 706-645-9291 (international), conference ID 3266283.

        Alternatively, individuals may listen to the live audio 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 third-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.

        Therics’ prospects and value depend on its ability to develop, manufacture, market, sell and profit from its orthopaedic product line and to achieve specified milestones, both of which will depend on its preclinical, clinical, regulatory, manufacturing and sales and marketing capabilities or, where appropriate, its ability to enter into satisfactory arrangements with third parties to provide those functions.

        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