Exhibit 99.2


                                                           FOR IMMEDIATE RELEASE

                     TREDEGAR RENEWS SHAREHOLDER RIGHTS PLAN

         RICHMOND,   Va.,  June  17,  1999  --  Tredegar  Corporation  (NYSE:TG)
announced today that its board of directors has adopted a new shareholder rights
plan to replace its current plan,  which was adopted in 1989 and expires on June
30, 1999. The  provisions of the new plan are similar to those  contained in the
current plan. Like the current plan, the new plan is intended to ensure that all
Tredegar  shareholders  receive  fair and  equal  treatment  in the  event of an
unsolicited attempt to acquire the company.

         The  primary  objective  of the rights plan is to  encourage  potential
acquirers to negotiate  with the company's  board of directors.  The plan has no
immediate  dilutive  effect and does not diminish the ability of Tredegar or its
shareholders to accept a fair acquisition  offer.  Tredegar said it is not aware
of any efforts to acquire control of the company.

         Under the new plan,  shareholders will receive one right for each share
of Tredegar  common  stock owned at the close of business on June 18. The rights
become exercisable after a person or group acquires  beneficial  ownership of 10
percent  or more of  Tredegar's  common  stock  without  prior  approval  of the
company's board of directors.  The new rights expire on June 30, 2009. A summary
of the new plan is being mailed to registered shareholders.

         Based in Richmond,  Va.,  Tredegar  Corporation  is a  manufacturer  of
plastics and aluminum extrusions. Tredegar also has interests in drug discovery,
drug delivery and a variety of other emerging technologies.

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