Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker of each segment for purposes of assessing performance.

Film Products

         Net sales (sales less freight) in Film Products increased 9.6% in the second quarter of 2005 compared with last year primarily due to higher selling prices, which were driven by the pass-through of higher raw material costs. Growth in higher value new products (primarily apertured, elastic and surface protection materials) and foreign exchange rate changes also contributed to the increase in sales. Second-quarter of 2005 profits in Film Products improved over last year due primarily to growth in new apertured, elastic and surface protection materials. However, despite lower resin costs, second-quarter profits declined by $200,000 from the previous quarter due to a recent slowdown in the growth of elastics and lower volume in certain non-elastic diaper-related components and packaging film. Average prices of low-density polyethylene resin in the U.S. declined about 6 cents per pound from first-quarter of 2005 levels (resin prices in Europe and Asia also declined), resulting in a positive operating profit impact of approximately $1.5 million compared with the first quarter of 2005.

         Net sales and operating profit in Film Products increased in the first six months of 2005 compared with 2004 primarily due to growth of higher value new products. Net sales also benefited from higher selling prices driven by the pass-through of higher raw material costs and foreign exchange rate changes.

         Looking ahead to the second half of 2005, the recent slowdown in the growth of our elastics business is likely to continue through year-end and resin costs are expected to increase. As a result, 2005 profits in Film Products may not exceed last year’s level. Growth in new apertured topsheets and surface protection films is expected to continue into 2006. Demand for elastics should improve in 2006 as personal care product suppliers use more elastic materials to improve comfort and fit in diapers and adult incontinence products. The films business has resin pass-through or cost-sharing agreements for the majority of its sales. However, under certain agreements, changes in resin costs are not passed through for an average period of 90 days.

         Aggregate capital expenditures in 2003 and 2004 totaled $102 million, and we expect to spend approximately $55 million in 2005 (we spent $28 million in the first six months of 2005), including expansion of capacity for apertured and elastic materials and surface protection films and a new global information system. Approximately one-third of our capital expenditures during 2003 and 2004 and capital expenditures during 2005 (already spent or proposed to be spent) relate to customer-specific opportunities that are covered by capital indemnification, take-or-pay or similar arrangements. Excluding these opportunities, we estimate that our ongoing capital expenditure requirement in Film Products is about $35 million annually. Long-term growth will depend on our ability to provide innovative materials at or below existing material costs. This includes lowering equipment and other capital costs.

Aluminum Extrusions

         Second-quarter of 2005 net sales in Aluminum Extrusions were up 15.6% due to higher selling prices, which were primarily driven by higher metal costs. Volume increased in the second quarter by 2.3% to 63.4 million pounds compared with 62.0 million pounds last year. A relatively strong performance in U.S. operations, driven by commercial construction activity and higher sales of hurricane shutters, was offset by softer demand across all Canadian markets. Overall profits continue to be hurt by appreciation of the Canadian Dollar and higher energy costs (adverse impact on the second quarter of 2005 compared to last year of about $1.2 million and $900,000, respectively). If these conditions persist, it will be difficult to improve upon 2004 full-year profits. We announced a price increase in April of 2005 that we believe should help offset continued higher costs.

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         Capital expenditures for the first six months of 2005 were $8 million and are expected to be approximately $15 million for the year. Capital expenditures related to ongoing support and continuity is about $10 million annually, or approximately the same level as depreciation ($10.9 million in 2004). Capital expenditures expected in 2005 in excess of ongoing support and continuity is primarily due to the consolidation of some of our Canadian operations, including closing the plant in Aurora, Ontario. We moved the Aurora plant’s largest press to the plant in Pickering, Ontario, and invested $8 million to upgrade the press and enlarge the facility. This consolidation is expected to reduce annual operating costs by approximately $2 million.

Therics

         See the Executive Summary on page 14 regarding the sale or assignment of substantially all of the assets of Therics.

Liquidity and Capital Resources

         Tredegar’s total assets increased to $776.5 million at June 30, 2005, from $769.5 million at December 31, 2004, due primarily to the net effects of:

•	Higher accounts receivable (up $6.5 million or 6%) due primarily to higher net sales for all businesses (net sales for the second quarter of 2005 were up $17 million compared to the fourth quarter of 2004)

–

Days sales outstanding remains in the 50-day range in Film Products and 45-day range in Aluminum Extrusions

•	Lower inventories (down $4.5 million or 7%)

–

Inventory days remain in the 45-day range in Film Products and 35-day range in Aluminum Extrusions

•

Higher net property, plant and equipment (up $3.7 million or 1%) due primarily to capital expenditures in excess of depreciation of $17 million, partially offset by foreign exchange changes of $8.9 million and asset impairments and disposals during the year in Film Products totaling $1.2 million and Therics totaling $2.1 million

         Cash provided by operating activities was $24 million in the first six months of 2005 compared with $69.1 million in 2004. The decrease is due primarily to the income tax refund received in 2004 related to the sale in 2003 of the venture capital portfolio.

         Cash used in investing activities was $31.2 million in the first six months of 2005 compared with $15.9 million in 2004. The change is primarily attributable to higher capital expenditures (up $10.8 million) and lower proceeds from the sale of assets and property disposals (down $4.5 million).

         Capital expenditures in the first six months of 2005 reflect the normal replacement of machinery and equipment and primarily:

•

Continued expansion of capacity for apertured and elastic materials and surface protection films and a new global information system in Film Products; and

•

Moving and upgrading the largest press at the facility shut down in Aurora, Ontario to the plant in Pickering, Ontario, and enlargement of the Pickering facility.

         Capital expenditures for all of 2005 are expected to be approximately $55 million in Film Products and about $15 million in Aluminum Extrusions. See the business segment review beginning on page 20 for more information.

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         Net capitalization and indebtedness as defined under our Credit Agreement as of June 30, 2005 are as follows:

	Net Capitalization and Indebtedness as of June 30, 2005 (In Thousands)
	Net capitalization:
	Cash and cash equivalents	$	26,950
	Book overdrafts		(5,785	)
	Debt:
	Credit Agreement:
	Revolver		50,000
	Term loan		58,125
	Other debt		5,491
	Total debt		113,616
	Debt net of cash, cash equivalents and book overdrafts		92,451
	Shareholders’ equity		477,178
	Net capitalization	$	569,629
	Indebtedness as defined in Credit Agreement:
	Total debt	$	113,616
	Face value of letters of credit		6,295
	Liabilities relating to derivative financial instruments		726
	Indebtedness	$	120,637

         Under the Credit Agreement, revolving credit borrowings are permitted up to $125 million, and $75 million was unused at June 30, 2005. The credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-adjusted EBITDA levels are as follows:

	Pricing Under Credit Agreement (Basis Points)
	Indebtedness-to-Adjusted EBITDA Ratio	Credit Spread Over LIBOR				Commitment Fee
		Revolver		Term Loan
	> 2x but ‹= 3x	150		150		30
	> 1x but ‹= 2x	125		125		25
	‹= 1x	100		100		20

         At June 30, 2005, the interest rate on debt under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 125 basis points.

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         The computations of adjusted EBITDA, adjusted EBIT, the leverage ratio and interest coverage ratio as defined in the Credit Agreement are presented below along with the related most restrictive covenants. Adjusted EBITDA and adjusted EBIT as defined in the Credit Agreement are not intended to represent cash flow from operations as defined by GAAP and should not be considered as either an alternative to net income or to cash flow.

	Computations of Adjusted EBITDA, Adjusted EBIT, Leverage Ratio and Interest Coverage Ratio as Defined in Credit Agreement Along with Related Most Restrictive Covenants As of June 30, 2005 (In Thousands)
	Computations of adjusted EBITDA and adjusted EBIT as defined in
	Credit Agreement for the twelve months ended June 30, 2005:
	Net income	$	29,255
	Plus:
	After-tax losses related to discontinued operations		—
	Total income tax expense for continuing operations		10,008
	Interest expense		3,706
	Depreciation and amortization expense for continuing operations		36,791
	All non-cash losses and expenses, plus cash losses and expenses not
	to exceed $10,000, for continuing operations that are classified as
	unusual, extraordinary or which are related to plant shutdowns,
	asset impairments and/or restructurings (cash-related before
	maximum adjustment of $12,030)		18,178
	Minus:
	After-tax income related to discontinued operations		(2,921	)
	Total income tax benefits for continuing operations		—
	Interest income		(444	)
	All non-cash gains and income, plus cash gains and income not to
	exceed $10,000, for continuing operations that are classified as
	unusual, extraordinary or which are related to plant shutdowns,
	asset impairments and/or restructurings (all cash-related of $12,385)		(10,000	)
	Plus or minus, as applicable, pro forma EBITDA adjustments associated
	with acquisitions and asset dispositions		7,153
	Adjusted EBITDA as defined in Credit Agreement		91,726
	Less: Depreciation and amortization expense for continuing operations
	(including pro forma for acquisitions and asset dispositions)		(35,748	)
	Adjusted EBIT as defined in Credit Agreement	$	55,978
	Shareholders’ equity at June 30, 2005	$	477,178
	Computations of leverage and interest coverage ratios as defined in Credit
	Agreement:
	Leverage ratio (indebtedness-to-adjusted EBITDA)		1.32x
	Interest coverage ratio (adjusted EBIT-to-interest expense)		15.10x
	Most restrictive covenants as defined in Credit Agreement:
	Maximum permitted aggregate amount of dividends that can be paid
	by Tredegar during the term of the Credit Agreement	$	100,000
	Minimum adjusted shareholders’ equity permitted (increases by
	50% of net income generated after September 30, 2003)		348,089
	Maximum leverage ratio permitted:
	Ongoing		3.00x
	Pro forma for acquisitions		2.50x
	Minimum interest coverage ratio permitted		2.50x

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         We believe that as of June 30, 2005, and currently we are in compliance with all of our debt covenants. Noncompliance with any one or more of the debt covenants may have an adverse effect on financial condition or liquidity in the event such noncompliance cannot be cured or should we be unable to obtain a waiver from the lenders. Renegotiation of the covenant through an amendment to the Credit Agreement may effectively cure the noncompliance, but may have an effect on financial condition or liquidity depending upon how the covenant is renegotiated.

         We believe that existing borrowing availability, our current cash balances and our cash flow from operations will be sufficient to satisfy our working capital, capital expenditure and dividend requirements for the foreseeable future.

Quantitative and Qualitative Disclosures About Market Risk

         Tredegar has exposure to the volatility of interest rates, polyethylene and polypropylene resin prices, aluminum ingot and scrap prices, energy prices, foreign currencies and emerging markets. See the section on liquidity and capital resources beginning on page 22 regarding Credit Agreement and interest rate exposures.

         Changes in resin prices, and the timing of those changes, could have a significant impact on profit margins in Film Products. Profit margins in Aluminum Extrusions are sensitive to fluctuations in aluminum ingot and scrap prices as well as energy costs. There is no assurance of our ability to pass through higher raw material and energy costs to our customers.

         Results in Film Products continue to be affected by higher resin prices, which have been increasing steadily since early 2002. Average quarterly prices of low density polyethylene resin are shown in the chart below (a primary raw material for Film Products).

	Source: Quarterly averages computed by Tredegar using monthly data provided by Chemical Data Inc. (“CDI”). In January 2005, CDI reflected a 4 cents per pound non-market adjustment based on their estimate of the growth of discounts over the 2000 to 2003 period. The 4th quarter 2004 average rate of 67 cents per pound is shown on a pro forma basis as if the non-market adjustment was made in October 2004.

         Resin prices in Europe and Asia have exhibited similar trends. The price of resin is driven by several factors including supply and demand and the price of oil, ethylene and natural gas. To address fluctuating resin prices, we have pass-through or cost-sharing agreements covering about 65% of our sales, but many have a 90-day lag. Most new customer contracts contain resin pass-through arrangements.

         In the normal course of business, we enter into fixed-price forward sales contracts with certain customers for the sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge our exposure to aluminum price volatility (see the chart below) under these fixed-price arrangements,

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which generally have a duration of not more than 12 months, we enter into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled deliveries.

	Source: Quarterly averages computed by Tredegar using daily closing data provided by Bloomberg.

         In Aluminum Extrusions, we hedge from time-to-time a portion of our exposure to natural gas price volatility (see the chart below) by entering into fixed-price forward purchase contracts with our natural gas suppliers. No natural gas hedging transactions were outstanding as of June 30, 2005. We estimate that, in an unhedged situation, every $1 per mmBtu per month change in the market price of natural gas has a $150,000 impact on the monthly operating profit of Aluminum Extrusions.

	Source: Quarterly averages computed by Tredegar using daily closing data provided by Bloomberg.

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         We sell to customers in foreign markets through our foreign operations and through exports from U.S. plants. The percentage of sales from manufacturing operations related to foreign markets for the first half of 2005 and 2004 are as follows:

	Percentage of Net Sales from Manufacturing Operations Related to Foreign Markets*
		Six Months Ended June 30
		2005				2004
		Exports from U.S.		Foreign Operations		Exports from U.S.		Foreign Operations
	Canada	5	%	15	%	4	%	17	%
	Europe	1		14		3		12
	Latin America	1		2		2		2
	Asia	5		4		3		3
	Total	12	%	35	%	12	%	34	%

*

Based on consolidated net sales from manufacturing operations (excludes Therics).

         We attempt to match the pricing and cost of our products in the same currency (except in Canada where about 75% of our sales of aluminum extrusions are U.S. Dollar-based) and generally view the volatility of foreign currencies and emerging markets, and the corresponding impact on earnings and cash flow, as part of the overall risk of operating in a global environment. Exports from the U.S. are generally denominated in U.S. Dollars. Our foreign currency exposure on income from foreign operations in Europe primarily relates to the Euro and the Hungarian Forint.

         The relatively high percentage of U.S. Dollar-priced sales in Canada is partly due to the shifting of a large portion of the customers previously served by the aluminum extrusions plant in El Campo, Texas, in 2001. The resulting mismatch between the currency denomination of sales and costs causes lower U.S. Dollar translated profits when the Canadian Dollar appreciates since our costs are higher in U.S. Dollar equivalent terms while sales are mostly unaffected (the opposite effect occurs when the Canadian Dollar depreciates in value relative to the U.S. Dollar). We estimate that the appreciation of the Canadian Dollar relative to the U.S. Dollar had an adverse impact on the first six months of 2005 compared with the first six months of 2004 of about $2 million. In Film Products, where we have been able to better match the currency of our sales and costs, we estimate that the appreciation of the Euro and Hungarian Forint relative to the U.S. Dollar had a positive impact on results for the first six months of about $800,000 compared with the first six months of 2004.

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         We are continuing to review the loading of our aluminum extrusions plants in North America to optimize production mix and minimize cost in light of the increase in the U.S. Dollar equivalent cost structure of our plants in Canada.

	Source: Quarterly averages computed by Tredegar using daily closing data provided by Bloomberg.

Forward-looking and Cautionary Statements

         From time to time, we may make statements (such as using the words “believe,” “hope,” “expect,” “are likely,” and similar expressions) that 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 to the following:

General

•

Our future performance is influenced by costs incurred by our operating companies including, for example, the cost of energy and raw materials. There is no assurance that we will be able to offset fully or on a timely basis the effects of higher raw material costs through price increases. Further, there is no assurance that cost control efforts will be sufficient to offset any additional future declines in revenue or increases in energy, raw material or other costs.

•

Our substantial international operations subject us to risks of doing business in foreign countries, which could adversely affect our business, financial condition and results of operations. Risks inherent in international operations include the following, by way of example: changes in general economic conditions, potential difficulty enforcing agreements and intellectual property rights, restrictions on foreign trade or investment, fluctuations in exchange rates, imposition of additional taxes on our foreign income, nationalization of private enterprises and unexpected adverse changes in foreign laws and regulatory requirements.

Film Products

•	Film Products is highly dependent on sales associated with one customer, P&G. P&G comprised 27% of Tredegar’s net sales in 2004, 29% in 2003 and 33% in 2002. The loss or significant reduction of sales associated with P&G would have a material adverse effect on our business, as would delays in

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P&G rolling out products utilizing new technologies developed by Tredegar. While we have undertaken efforts to expand our customer base, there can be no assurance that such efforts will be successful, or that they will offset any delay or loss of sales and profits associated with P&G.

•

Growth of Film Products depends on our 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 we have substantial technical resources, there can be no assurance that our 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 our technologies, our inability to develop and deliver new profitable products, or delayed acceptance of our new products in domestic or foreign markets, could have a material adverse effect on our business. In the long term, growth will depend on our ability to provide innovative materials at or below existing material costs, including lowering equipment and other capital costs.

•

Film Products operates in a field where our significant customers and competitors have substantial intellectual property portfolios. The continued success of this business depends on our ability not only to protect our own technologies and trade secrets, but also to develop and sell new products that do not infringe upon existing patents. Although we are not currently involved in any patent litigation, an unfavorable outcome of any such action could have a significant adverse impact on Film Products.

•	As Film Products expands its personal care business, we have greater credit risk that is inherent in broadening our customer base.

Aluminum Extrusions

•

Sales volume and profitability of Aluminum Extrusions is cyclical and highly dependent on economic conditions of end-use markets in the United States and Canada, particularly in the construction, distribution and transportation industries. Our market segments are also subject to seasonal slowdowns during the winter months. From 1992 to the second quarter of 2000, profits in Aluminum Extrusions grew as a result of positive economic conditions in the markets we serve and manufacturing efficiencies. However, a slowdown in these markets in the second half of 2000 resulted in a 13% decline in sales volume and 28% decline in ongoing operating profit compared with the second half of 1999. The aluminum extrusions industry continued to be affected by poor economic conditions in 2001 and 2002. In 2001, our sales volume declined 20% and operating profit declined 52% compared with 2000. Our sales volume declined 23% and operating profit declined 49% in 2002 compared with 2000. The decline in ongoing operating profit during these periods at approximately two to three times the rate of the decline in sales volume illustrates the operating leverage inherent in our operations (fixed operating costs). Moreover, in 2003 higher energy and insurance costs and the appreciation of the Canadian Dollar against the U.S. Dollar had an adverse impact on operating profits. Any benefits associated with cost reductions and productivity improvements may not be sufficient to offset the adverse effects on profitability from pricing and margin pressure and higher bad debts that usually accompany a downturn.

In 2004, operating profit from ongoing operations in Aluminum Extrusions increased to $22.6 million from $15.1 million in 2003. The $7.5 million or 50% increase in operating profit on 6.7% volume growth is primarily due to operating leverage and pricing improvements.

•

The markets for our products are highly competitive with product quality, service, delivery performance and price being the principal competitive factors. Aluminum Extrusions has over 1,800 customers in a variety of end-use markets within the broad categories of building and construction, distribution, transportation, machinery and equipment, electrical and consumer durables. No single customer exceeds 4% of Aluminum Extrusion’s net sales. Due to the diverse customer mix across

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many end-use markets, we believe the industry generally tracks the real growth of the overall economy (historical cross-cycle volume growth has been in the 3% range).

During improving economic conditions, excess industry capacity is absorbed and pricing pressure becomes less of a factor in many of our end-use markets. Conversely, during an economic slowdown, excess industry capacity often drives increased pricing pressure in many end-use markets as competitors protect their position with key customers. Because the business is susceptible to these changing economic conditions, Aluminum Extrusions targets complex, customized, service-intensive business with more challenging requirements which is competitively more defensible compared to higher volume, standard extrusion applications.

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.

There can be no assurance that we will be able to maintain current margins and profitability. Our continued success and prospects depend on our ability to retain existing customers and participate in overall industry cross-cycle growth.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

         See discussion under “Quantitative and Qualitative Disclosures About Market Risk” beginning on page 25.

Item 4. Controls and Procedures.

         Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, we carried out an evaluation, with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

         There has been no change in our internal control over financial reporting during the quarter ended June 30, 2005, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.       Legal Proceedings.

On June 23, 2005, the United States Environmental Protection Agency, Region 4 (“EPA”), issued an Administrative Order (Docket No. CAA-04-2005-1838, the “Order”) under the Clean Air Act (as amended from time to time, the “Act”) alleging certain violations by Aluminum Extrusions’ Carthage, Tennessee facility of the refrigerant management regulations promulgated pursuant to the Act. The Order alleges that the violations occurred primarily in 2002 and 2003.

The Order requires Aluminum Extrusions to either replace the cooling system at issue or retrofit it with an EPA approved non-ozone depleting substance. The Order further requires Aluminum Extrusions to comply with certain applicable provisions of the Act and provide certified documentation verifying compliance with the Order. Aluminum Extrusions must comply with the Order within 180 days from issuance.

Although Aluminum Extrusions has not admitted any violations to the EPA pursuant to the Order, Aluminum Extrusions has elected to replace the affected cooling system. Aluminum Extrusions expects the replacement cost to approximate $110,000. While the Order does not impose penalties or fines, EPA has reserved the right to do so in the future. Management believes that future penalties or fines assessed by EPA relating to this matter, if any, should not exceed $150,000 (which has been reflected in the financial statements). Management expects to comply with the Order within the mandated time period. Tredegar does not expect that the Order or any future fines or penalties assessed by EPA with respect to this matter will have a material adverse effect on Tredegar.

Item 4.       Submission of Matters to a Vote of Security Holders.

Tredegar’s Annual Meeting of Shareholders was held on April 28, 2005. The following sets forth the vote results with respect to each of the matters voted upon by shareholders at the meeting:

(a)

Election of Directors

	Nominee	Number of Votes “For”		Number of Votes “Withheld”
	Horst R. Adam	36,320,233		226,054
	Norman A. Scher	32,553,596		3,992,691
	R. Gregory Williams	32,645,932		3,900,355

There were no broker non-votes with respect to the election of directors.

The term of office for the following directors continued after the annual meeting and such directors were not up for election at the annual meeting:

Austin Brockenbrough, III Donald T. Cowles John D. Gottwald William M. Gottwald Richard L. Morrill Thomas G. Slater, Jr.

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(b)

Ratification of Appointment of PricewaterhouseCoopers LLP:

Ratification of appointment of PricewaterhouseCoopers LLP as Tredegar’s independent registered public accounting firm for the fiscal year ending December 31, 2005:

	Number of Votes “For”		Number of Votes “Against”		Number of Abstentions		Number of Broker Non-Votes
	36,132,936		289,775		123,756		None

Item 5.       Other Information.

None.

Item 6.       Exhibits.

Exhibit Nos.

31.1

Certification of Norman A. Scher, President and Chief Executive Officer of Tredegar Corporation, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of D. Andrew Edwards, Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) of Tredegar Corporation, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Norman A. Scher, President and Chief Executive Officer of Tredegar Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of D. Andrew Edwards, Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) of Tredegar Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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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 thereunto duly authorized.

Date: August 9, 2005           ———————————————

Tredegar Corporation (Registrant)  /s/ D. Andrew Edwards —————————————————————— D. Andrew Edwards Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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