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): January 21, 2004

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 fourth quarter of 2003.

        On January 21, 2004, Tredegar Corporation announced its results of operations for the fourth 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 FOURTH-QUARTER, YEAR-END RESULTS

        RICHMOND, Va., Jan. 21, 2004 – Tredegar Corporation (NYSE:TG) reported fourth-quarter income from continuing operations of $6.4 million (17 cents per share) compared to $12.4 million (32 cents per share) in 2002. Earnings from manufacturing operations were $6.1 million (16 cents per share) versus $12 million (31 cents per share) in 2002. Fourth-quarter sales were flat at $181.9 million. A summary of fourth-quarter and year-end 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 other 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.

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TREDEGAR EARNINGS, page 2

        Norman A. Scher, Tredegar’s president and chief executive officer, said: “Our films and aluminum businesses showed little momentum as 2003 closed. First-quarter 2004 profits in films are expected to remain near 2003 fourth-quarter levels. Profit growth in films will be difficult to achieve until we see a sustainable increase in sales. An important part of our strategy is the rollout of a new feminine pad topsheet for P&G for European markets, which began in 2003. The rollout is progressing well, and we continue to invest in increased European capacity. We believe that higher sales and profits will ultimately result from this and other new products.”

        Scher added: “Our aluminum business continues to struggle under difficult market conditions, which are not likely to improve during the seasonally weak winter months. We’ve already taken aggressive action to control costs. If our markets improve with the economy, we anticipate a resumption of growth and increased profitability as we move into the spring. I can assure you that we’ll continue to focus on cost reduction in both films and aluminum.”

        Regarding Therics, Scher said: “Therics has launched its initial line of orthopaedic products, which we believe will provide unique value to the rapidly growing market for bone graft substitutes.”

MANUFACTURING OPERATIONS

Film Products

        Fourth-quarter net sales in Film Products were $91.5 million, down 5% from $96.2 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 $18.9 million last year. Volume for the quarter was 68 million pounds, down 6% from 72 million pounds in 2002.

        Fourth-quarter 2002 results include volume shortfall payments of $6.8 million. There were no volume shortfall payments in the fourth quarter of 2003. Fourth-quarter 2002 results also include sales of certain domestic backsheet to P&G (NYSE:PG) that were discontinued at the end of the first quarter of 2003.

        On a sequential basis, fourth-quarter net sales, operating profit from ongoing operations and volume were relatively flat versus the third quarter of 2003. Results continue to be affected by higher resin costs and expenses related to capacity additions in Europe, China and the U.S.

        Full-year net sales were $365.5 million versus $376.9 million in 2002. Operating profit from ongoing operations was $45.7 million compared to $72.3 million in 2002. Volume declined to 274 million pounds from 304 million pounds in 2002.

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TREDEGAR EARNINGS, page 3

        Capital expenditures were $57 million in 2003 versus $24 million in 2002 and include significant increases in capital spending for our new products and global expansion efforts. In 2004, Film Products expects to spend approximately $40 million.

Aluminum Extrusions

        Fourth-quarter net sales in Aluminum Extrusions were $85.5 million, up 6% from $80.7 million in 2002. Volume was 54 million pounds for the quarter, up slightly from 53 million pounds in 2002. Operating profit from ongoing operations declined to $2.5 million, down from $3.6 million in 2002 primarily due to the adverse effects of appreciation in the Canadian Dollar.

        Full-year net sales were $354.6 million, down 2% from $360.3 million in 2002. Operating profit from ongoing operations was $15.1 million, down 45% from $27.3 million in 2002. Annual volume declined 3% to 228 million pounds from 234 million pounds in 2002.

        Capital expenditures were $8 million in 2003 and are expected to be approximately $10 million in 2004.

THERICS

        The fourth-quarter operating loss from ongoing operations at Therics was $2.4 million compared to a loss of $3 million in 2002. The loss from ongoing operations for the year was $11.7 million versus $13.1 million in 2002.

OTHER ITEMS

        Fourth-quarter results include a net after-tax gain of $2.8 million (7 cents per share) related to gain on the sale of securities and real estate, and a loss of $951,000 (2 cents per share) associated with plant shutdowns, asset impairments and restructurings. Last year’s fourth-quarter results include a net after-tax gain of $2.4 million (6 cents per share) primarily related to contract terminations and revisions and asset impairments in Film Products.

        Fourth-quarter results also include a net after-tax gain from discontinued operations of $2.9 million (7 cents per share) compared to a net loss of $10.4 million (27 cents per share) related to discontinued venture capital activities.

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TREDEGAR EARNINGS, page 4

        Full-year results for 2003 include net after-tax charges for unusual items, plant shutdowns, asset impairments and restructurings of $8 million (21 cents per share) compared to a net after-tax gain of $1.4 million (4 cents per share) in 2002. Results in 2003 also include a net after-tax gain of $4.2 million (11 cents per share) from the sale of securities and real estate. The net loss in 2003 from discontinued operations was $45.7 million ($1.19 per share) versus a net loss of $51.2 million ($1.32 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 $64.7 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.

QUARTERLY CONFERENCE CALL

        Tredegar management will host a conference call on January 22 at 11:00 a.m. EST 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 January 22 through January 29, by dialing 800-642-1687 (domestic) or 706-645-9291 (international), conference ID 4983711.

        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 fourth-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:

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TREDEGAR EARNINGS, page 5

        Film Products is highly dependent on sales to one customer, which comprised approximately 30% of Tredegar’s net sales in 2003. 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.

        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, all of which will depend on its preclinical, clinical, regulatory, purchasing, manufacturing, and sales and marketing capabilities or, where appropriate, its ability to enter into satisfactory arrangements with third parties to provide those functions.

        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.

        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.

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TREDEGAR EARNINGS, page 6

        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. Tredegar is also developing and marketing bone graft substitutes through its Therics subsidiary.

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Tredegar Corporation
Condensed Consolidated Statements of Income
(In Thousands, Except Per-Share Data)
(Unaudited)

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Tredegar Corporation
Net Sales and Operating Profit by Segment
(In Thousands)
(Unaudited)

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Tredegar Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)

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Tredegar Corporation
Condensed Consolidated Statement of Cash Flows
(In Thousands)
(Unaudited)

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Selected Financial Measures
(In Millions)
(Unaudited)

Notes to the Financial Tables

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