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, 1993.
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/ F. P. Woods
F. P. Woods, Chairman
Employee Savings Plan Committee
Dated: June 23, 1994
Appendix 1
SAVINGS PLAN FOR THE EMPLOYEES OF
TREDEGAR INDUSTRIES, INC.
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1993
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, 1993 and 1992 3-4
Statement of changes in net assets available for
benefits for the years ended December 31, 1993,
1992, and 1991 5-7
Notes to financial statements 8-16
Independent Auditors' Report
To the Plan Administrator, Savings Plan for
the Employees of Tredegar Industries, Inc.
We have audited the accompanying statement of net assets
available for benefits of the Savings Plan for the Employees of
Tredegar Industries, Inc. (Plan) as of December 31, 1993 and
1992, and the related statement of changes in net assets
available for benefits for each of the three years in the period
ended December 31, 1993. 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, 1993 and
1992, and the changes in net assets available for benefits for
each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles.
PLOTT & WALTON, PC
Richmond, Virginia
June 13, 1994
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
Active Inactive
Tredegar Ethyl First Colony
Short-Term Government Industries Corporation Corporation
Investment Obligations Inc. Common Common Common
Total Fund Fund Stock Fund Stock Fund Stock Fund
Assets:
Investments (Note 4):
Money market funds:
Nations Prime Portfolio Trust A
(cost $2,957,885) $ 2,957,885 $2,350,148 $ 252,064 $ 194,544 $ 110,724 $ 50,405
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 2,350,148 4,695,360 15,228,324 8,326,169 3,924,685
Receivables:
Interest and dividends 213,965 5,997 66,587 60,257 70,688 10,436
Due from brokers for securities sold 73,994 - - - - 73,994
Other 19,758 240 1,490 3,224 - 14,804
Total receivables 307,717 6,237 68,077 63,481 70,688 99,234
Cash 2,523 32 61 2,381 49 -
Total assets 34,834,926 2,356,417 4,763,498 15,294,186 8,396,906 4,023,919
Liabilities:
Withholding taxes payable 2,523 32 61 2,381 49 -
Net assets available for benefits $34,832,403 $2,356,385 $4,763,437 $15,291,805 $8,396,857 $4,023,919
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, 1992
Active Inactive
Tredegar Ethyl
Short-Term Government Industries Corporation
Investment Obligations Inc. Common Common
Total Fund Fund Stock Fund Stock Fund
Assets:
Investments (Note 4):
Money market funds:
Federated Treasury Obligations
Fund (cost $66,868) $ 66,868 $ - $ 66,868 $ - $ -
Nations Prime Portfolio Trust A
(cost $2,509,360) 2,509,360 2,412,282 - 97,078 -
Common stocks:
Ethyl Corporation (cost
$5,879,436) 15,925,977 - - - 15,925,977
Tredegar Industries, Inc.
(cost $11,091,172) 14,889,750 - - 14,889,750 -
United States government
obligations (cost $3,799,922) 3,755,949 - 3,755,949 - -
Total investments 37,147,904 2,412,282 3,822,817 14,986,828 15,925,977
Receivables:
Interest and dividends 213,021 6,657 63,376 57,888 85,100
Due from broker for securities sold 144 - - - 144
Total receivables 213,165 6,657 63,376 57,888 85,244
Total assets 37,361,069 2,418,939 3,886,193 15,044,716 16,011,221
Liabilities:
Cash overdraft 3,644 - - - 3,644
Due to broker for securities purchased 102,701 - - 102,701 -
Total liabilities 106,345 - - 102,701 3,644
Net assets available for benefits $37,254,724 $2,418,939 $3,886,193 $14,942,015 $16,007,577
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
Tredegar Ethyl First Colony
Short-Term Government Industries, Corporation Corporation
Investment Obligations Inc. Common Common Common
Total Fund Fund Stock Fund Stock Fund Stock Fund
Additions to net assets attributed to:
Investment income:
Interest $ 303,690 $ 52,400 $ 244,943 $ 4,062 $ 1,788 $ 497
Dividends 563,037 - - 239,503 302,351 21,183
Net appreciation (depreciation) in
the fair value of investments (2,063,418) - (103,334) (686,570) (836,842) (436,672)
(1,196,691) 52,400 141,609 (443,005) (532,703) (414,992)
Contributions:
Employer 2,027,054 - - 2,027,054 - -
Participants 4,195,214 2,061,716 912,920 1,220,578 - -
6,222,268 2,061,716 912,920 3,247,632 - -
Total additions 5,025,577 2,114,116 1,054,529 2,804,627 (532,703) (414,992)
Deductions from net assets attributed to:
Administrative expenses (Note 7) 23,615 1,337 9,109 6,463 5,941 765
Withdrawals paid to participating
employees 7,424,283 2,109,098 1,252,860 1,810,848 2,087,647 163,830
Total deductions 7,447,898 2,110,435 1,261,969 1,817,311 2,093,588 164,595
Intrafund transfers - (66,235) 1,084,684 (637,526) (4,984,429) 4,603,506
Net increase (decrease) for the year (2,422,321) (62,554) 877,244 349,790 (7,610,720) 4,023,919
Net assets available for benefits:
Beginning of year 37,254,724 2,418,939 3,886,193 14,942,015 16,007,577 -
End of year $34,832,403 $2,356,385 $4,763,437 $15,291,805 $ 8,396,857 $4,023,919
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
Tredegar Ethyl
Short-Term Government Industries, Corporation
Investment Obligations Inc. Common Common
Total Fund Fund Stock Fund Stock Fund
Additions to net assets attributed to:
Investment income:
Interest $ 343,050 $ 66,263 $ 270,782 $ 3,374 $ 2,631
Dividends 585,086 - - 215,613 369,473
Net appreciation (depreciation) in
the fair value of investments 4,386,367 - (105,567) 4,231,045 260,889
5,314,503 66,263 165,215 4,450,032 632,993
Contributions:
Employer 1,751,332 - - 1,751,332 -
Participants 3,637,874 1,924,120 749,435 964,319 -
5,389,206 1,924,120 749,435 2,715,651 -
Total additions 10,703,709 1,990,383 914,650 7,165,683 632,993
Deductions from net assets attributed to:
Administrative expenses (Note 7) 22,302 (712) 6,706 7,791 8,517
Withdrawals paid to participating
employees 8,249,086 2,200,880 1,515,129 1,652,424 2,880,653
Total deductions 8,271,388 2,200,168 1,521,835 1,660,215 2,889,170
2,432,321 (209,785) (607,185) 5,505,468 (2,256,177)
Intrafund transfers - (88,913) 428,706 1,594,964 (1,934,757)
Net increase (decrease) for the year 2,432,321 (298,698) (178,479) 7,100,432 (4,190,934)
Net assets available for benefits:
Beginning of year 34,822,403 2,717,637 4,064,672 7,841,583 20,198,511
End of year $37,254,724 $2,418,939 $3,886,193 $14,942,015 $16,007,577
The accompanying notes are an integral part of these financial statements.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1991
Active Inactive
Tredegar Ethyl
Short-Term Government Industries, Corporation
Investment Obligations Inc. Common Common
Total Fund Fund Stock Fund Stock Fund
Additions to net assets attributed to:
Investment income:
Interest $ 408,481 $ 105,317 $ 293,180 $ 5,617 $ 4,367
Dividends 623,370 - - 156,144 467,226
Net appreciation (depreciation) in
the fair value of investments 4,930,800 - (7,788) 1,572,049 3,366,539
5,962,651 105,317 285,392 1,733,810 3,838,132
Contributions:
Employer 2,095,381 - - 2,095,381 -
Participants 4,197,744 2,248,493 855,776 1,093,475 -
6,293,125 2,248,493 855,776 3,188,856 -
Total additions 12,255,776 2,353,810 1,141,168 4,922,666 3,838,132
Deductions from net assets attributed to:
Administrative expenses (Note 7) (4,746) (1,689) 843 919 (4,819)
Withdrawals paid to participating
employees 11,040,418 2,891,060 1,738,320 1,068,162 5,342,876
Total deductions 11,035,672 2,889,371 1,739,163 1,069,081 5,338,057
1,220,104 (535,561) (597,995) 3,853,585 (1,499,925)
Other increases (decreases):
Intrafund transfers - (153,778) 98,700 398,872 (343,794)
Merger of Film Products Plan into
the Plan (Note 9) 1,719,491 942,737 71,802 30,834 674,118
Total other increases 1,719,491 788,959 170,502 429,706 330,324
Net increase (decrease) for the year 2,939,595 253,398 (427,493) 4,283,291 (1,169,601)
Net assets available for benefits:
Beginning of year 31,882,808 2,464,239 4,492,165 3,558,292 21,368,112
End of year $34,822,403 $2,717,637 $4,064,672 $7,841,583 $20,198,511
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, 1993
1. Summary of significant accounting policies
General - Tredegar Industries, Inc. (Tredegar), which
engages directly or through subsidiaries in plastics,
aluminum and energy 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.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
1. Summary of significant accounting policies (Continued)
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
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 statement 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.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
3. Contributions and investment options
As of December 31, 1993 and 1992, there were 1,751 and
1,590 employees, respectively, participating in the Plan.
Participation in each fund was as follows:
Number of Participants
December 31,
1993 1992
Short-Term Investment Fund 933 859
Government Obligations Fund 662 583
Tredegar Industries, Inc. Common
Stock Fund 1,557 1,410
Ethyl Corporation Common Stock Fund 505 577
First Colony Corporation Common Stock
Fund 503 -
As of December 31, 1993 and 1992, 2,987 and 2,783
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 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) or the First Colony
Corporation Common Stock Fund (which was created during 1993
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, 1993
3. Contributions and investment options (Continued)
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 and
First Colony 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 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.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
4. Investments
The following table presents the fair value of investments (as determined by
quoted market price) as of December 31, 1993 and 1992:
FAIR VALUE OF INVESTMENTS
December 31, 1993
Number of shares
Name of issuer and title or units - principal
of each issue of bonds and notes Cost Fair 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 $4,400,000 4,481,344 4,443,296
Total investments $24,725,755 $34,524,686
(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, 1993
4. Investments (Continued)
FAIR VALUE OF INVESTMENTS
December 31, 1992
Number of shares
Name of issuer and title or units - principal
of each issue of bonds and notes Cost Fair Value (1)
Money market funds:
Federated Treasury
Obligations Fund $ 66,868 $ 66,868
Nations Prime Portfolio
Trust A 2,509,360 2,509,360
Common stocks:
Ethyl Corporation 556,366 5,879,436 15,925,977
Tredegar Industries, Inc. 960,629 11,091,172 14,889,750
United States government
obligations $3,700,000 3,799,922 3,755,949
Total investments $23,346,758 $37,147,904
(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, 1993
4. Investments (Continued)
Closing stock prices as of December 31, 1993 and 1992,
were as follows:
1993 1992
Ethyl Corporation common stock $17.500 $28.625
First Colony Corporation common stock 25.375 -
Tredegar Industries, Inc. common stock 15.000 15.500
During the years ended December 31, 1993 and 1992, the
Plan's investment portfolio (including investments bought,
sold and held during the year) appreciated (depreciated) in
value by $(2,063,418) and $4,386,367 as follows:
Net change in fair value
1993 1992
United States government
obligations $ (103,334) $ (105,567)
Tredegar Industries, Inc.
common stock (686,570) 4,231,045
Ethyl Corporation common stock (836,842) 260,889
First Colony Corporation common
stock (436,672) -
Net change in fair value $(2,063,418) $4,386,367
5. 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, as amended (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. Tredegar will
request 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.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
6. 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 $1,667,074, $1,623,524, and
$1,825,784 were paid from the Short-Term Investment Fund in
February 1994, February 1993 and January 1992, respectively.
The remaining 25% is carried over in the Short-Term
Investment Fund.
7. Administrative expenses
Effective January 1, 1990, Trustee expenses are borne
by the Plan. All other expenses are borne by Tredegar.
8. 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:
1993 $70,735
1992 62,409
1991 61,328
9. Merger of plan
The Savings Plan for the Employees of Tredegar Film
Products (the Film Products Plan), a defined contribution
plan, was merged into the Plan effective April 30, 1991.
SAVINGS PLAN FOR THE EMPLOYEES OF TREDEGAR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
10. Subsequent event
On February 17, 1994, the Ethyl Corporation announced
it would distribute to its common shareholders all of the
outstanding shares of its wholly owned subsidiary, Albemarle
Corporation, a Virginia corporation. The distribution was
made in the form of a tax-free spin-off to shareholders of
record at the close of business on February 28, 1994. One
share of Albemarle common stock was distributed on or about
March 10, 1994, to Ethyl common shareholders for every two
shares of Ethyl common stock held. The Plan received
232,294 shares of Albemarle common stock. The cost basis
assigned to the Albemarle 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 common stock on March 10, 1994, was
$1,810,202 in excess of the cost basis assigned.
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 13, 1994,
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, 1993.
PLOTT & WALTON, PC
June 24, 1994
