TREDEGAR REPORTS FIRST-QUARTER RESULTS

RICHMOND, Va., April 20, 2005 – Tredegar Corporation (NYSE:TG) reported first-quarter income from continuing operations of $5.6 million (14 cents per share) compared to $2.4 million (6 cents per share) in 2004. Earnings from manufacturing operations were $6.7 million (17 cents per share) versus $7.0 million (18 cents per share) last year. First-quarter sales were up to $232.8 million from $195.9 million in 2004. A summary of first-quarter results from continuing operations is shown below:

Norman A. Scher, Tredegar’s president and chief executive officer, said: “First-quarter earnings from manufacturing operations were relatively flat, with higher profits in films offset by lower aluminum profits. We continue to expect 2005 results in both units to exceed 2004 levels. Assuming resin prices remain stable, profits in films should benefit from continued growth of new products. Results in aluminum were hurt by strength in the Canadian Dollar as well as higher energy and distribution costs. As we begin the second quarter, we are encouraged by a pick-up in customer orders.”

MANUFACTURING OPERATIONS

Film Products

First-quarter net sales in Film Products were $116.7 million, up 22% from $95.9 million in 2004. The increase in sales was due primarily to continued growth in new apertured, elastic and specialty products. Raw material-driven selling price increases and favorable foreign exchange rates also contributed to first-quarter revenue growth. Operating profit from ongoing operations was $11.6 million, up 16% from $10.0 million last year. The profit increase was largely attributable to new product growth and was achieved despite significantly higher resin prices. Volume was 67.4 million pounds versus 69.1 million pounds last year. On a pro forma basis (excluding the divested films business in Argentina), first-quarter sales were up 25% while volume was up 3%.

On a sequential basis, first-quarter net sales increased 5% from $111.3 million in the fourth quarter of 2004. Operating profit from ongoing operations was up 2% from $11.4 million in the fourth quarter, which included a customer reimbursement of $1 million for certain start-up costs that were incurred during the first half of 2004. The improvement over fourth-quarter results was driven by continued growth in value-added products and lower costs from restructurings. Increases in selling prices offset higher resin costs. First-quarter volume was down slightly from 68.3 million pounds in the fourth quarter.

Profits in Film Products continue to be affected by higher resin prices, which have more than doubled since beginning a steady rise in early 2002. In the first quarter, average prices of low-density polyethylene resin in the U.S. were higher than fourth-quarter and year-ago levels. While the outlook for resin prices is uncertain, recent prices have been relatively stable. Tredegar has pass-through or cost-sharing agreements for the majority of its sales. However, under certain agreements, the higher resin costs are not passed through for an average period of 90 days.

Capital expenditures were $14 million in the first quarter and are expected to be $55 million for the year, including expansion of capacity for apertured and elastic materials and surface protection films.

Aluminum Extrusions

First-quarter net sales in Aluminum Extrusions were $110.0 million, up 16% from $95.2 million in 2004 due to higher selling prices, which were driven by higher metal costs. Operating profit from ongoing operations declined 19% to $3.0 million, down from $3.7 million in 2004. The decline was due primarily to appreciation of the Canadian Dollar ($900,000) and higher energy and distribution costs (up $1.1 million). The company announced a price increase this month that it believes should help offset these higher costs.

First-quarter volume was 58.4 million pounds, up slightly from 58.0 million pounds in 2004. Higher shipments of extrusions for hurricane shutters and the commercial construction and machinery and equipment markets were partially offset by lower shipments in the residential construction sector.

At current operating levels, the company expects every 1% increase in annual volume to yield a corresponding operating profit increase of approximately 3% to 4%.

First-quarter capital expenditures were $4 million and are expected to be approximately $13 million for the year.

THERICS

The first-quarter operating loss from ongoing operations at Therics was $1.8 million versus a loss of $2.5 million in 2004 due to a lower cash burn rate. Net sales were $137,000 for the quarter. The company is continuing to explore potential collaborations with other companies aimed at accelerating market penetration across a broader array of market segments.

OTHER ITEMS

First-quarter results include a net after-tax charge of $1.3 million (3 cents per share) for plant shutdowns, asset impairments and restructurings compared with $7.0 million (18 cents per share) last year.

Results also include gains from the sale of assets and other items of $1.4 million (3 cents per share). Last year’s first-quarter results include a net after-tax gain on the sale of securities of $4.0 million (10 cents per share).

Additional details regarding these items are provided in the financial tables included with this press release.

CAPITAL STRUCTURE

Net debt (debt net of cash) was $94 million, or 1.1 times the last twelve months adjusted EBITDA.

See notes to financial tables for reconciliations to comparable GAAP measures.

QUARTERLY CONFERENCE CALL

Tredegar management will host a conference call on April 21 at 11:00 a.m. EDT to discuss its earnings results. Individuals can access the call by dialing 877-692-2592. Individuals calling from outside the United States should dial 973-582-2700. A replay of the call will be available through April 28 by dialing 877-519-4471 (domestic) or 973-341-3080 (international), conference ID 5952757.

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 first-quarter results” link on the home page. An archived version of the call will be available for replay on the Web site.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

The words “believe,” “hope,” “expect,” “are likely,” and similar expressions may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on our then current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. Factors that may cause such a difference include, but are not limited tothe following:

Film Products is highly dependent on sales to one customer, which comprised approximately 27% of Tredegar’s net sales in 2004. The loss or significant reduction of sales associated with this customer would have a material adverse effect on our business, as would delays in this customer rolling out products utilizing new technologies developed by Film Products.

Growth of Film Products depends on its ability to develop and deliver new products at competitive prices, 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 Film Products has substantial technical resources, there can be no assurance that its new products can be brought to market successfully, or if brought to market successfully, at the same level of profitability and market share of replaced films. A shift in customer preferences away from Film Products’ technologies, its inability to develop and deliver new profitable products, or delayed acceptance of its new products in domestic or foreign markets, could have a material adverse effect on Tredegar.

Sales volume and profitability of Aluminum Extrusions is cyclical and highly dependent on economic conditions of end-use markets in the U.S. and Canada, particularly in the construction, distribution and transportation industries. Aluminum Extrusions’ market segments are also subject to seasonal slowdowns during the winter months. The markets for Aluminum Extrusions’ products are highly competitive with product quality, service, delivery performance and price being the principal competitive factors. Although Aluminum Extrusions targets complex, customized, service-intensive business compared to higher volume, standard extrusion applications, Aluminum Extrusions is under increasing domestic and foreign competitive pressures. Foreign imports, primarily from China, currently represent less than 5% of the North American aluminum extrusion market. Foreign competition to date has been primarily large volume, standard extrusion profiles that impact some of our less strategic end-use markets. Market share erosion in other end-use markets remains possible.

Therics has incurred losses since inception, and we are unsure when, or if, it will become profitable. We are in the initial stages of commercializing certain orthobiologic products that have received FDA clearances. There can be no assurance that any of these products can be brought to market successfully. Therics’ ability to develop and commercialize new and existing products will depend on its ability to internally develop preclinical, clinical, regulatory, manufacturing and sales, distribution and marketing capabilities, or its ability to enter into satisfactory arrangements with third parties to provide those functions.

Tredegar’s future performance is also influenced by the costs incurred by Tredegar’s operating companies, including, for example, the cost of energy and raw materials. There is no assurance that cost control efforts will be sufficient to offset any additional future declines in revenues or increases in energy, raw materials or other costs.

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

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