FOR IMMEDIATE RELEASE
                    TREDEGAR ANNOUNCES SELF-TENDER OFFER
     RICHMOND, Va., Aug. 29, 1994 -- The board of directors of
Tredegar Industries (NYSE:TG) today authorized a "Dutch auction"
self-tender offer for up to one million shares of the company's
common stock.  The tender price range will be $17 to $19 per
share.  The offer will commence next week with the distribution
of the offering materials.  The offer will be subject to the
terms and conditions that will be described in the offering
materials.
     As of Aug. 29, Tredegar had 10,587,625 shares of common
stock outstanding.  The closing price for Tredegar common stock
today was $16 3/8.
     Under terms of a Dutch auction offer, shareholders are given
an opportunity to specify prices, within a stated price range, at
which they are willing to tender their shares.  Upon receipt of
the tenders, the offering company will select a final price that
enables it to purchase up to the stated amount of shares from
those shareholders who agreed to sell at or below the company-
selected price.
     Tredegar said the offer will give shareholders who are
considering the sale of all or a portion of their shares an
opportunity to determine the price, within a range, at which they
are willing to sell.  If Tredegar agrees to purchase their
shares, sellers will avoid the normal transaction costs
associated with market sales.  The company is not making any
recommendation to its shareholders regarding the tendering of
shares.
     The dealer manager for the offer will be Goldman, Sachs &
Co. and the information agent will be Georgeson & Co.
     Tredegar Industries is a diversified manufacturer of
plastics and metal products.