Tredegar is a U.S. manufacturer operating two businesses: aluminum extrusions and high-performance plastic films. The aluminum extrusions business, run under the Bonnell Aluminum brand, accounts for roughly 86% of net sales and produces custom aluminum profiles that are machined, anodized, painted, or thermally improved to customer specifications. Bonnell sells these profiles directly to fabricators and distributors, primarily in the U.S., and also offers two branded product lines: Futura Transitions (flooring trims) and TSLOTS (structural framing systems). Building and construction is Bonnell's dominant end market, making up roughly 61% of segment net sales, with commercial applications like windows, curtain walls, and storefronts making up the bulk. Bonnell's profitability is driven by the "conversion spread" — the difference between fabrication pricing and raw aluminum input costs — meaning aluminum prices are largely passed through to customers. The remaining ~14% of net sales comes from High Performance Films, which produces polyethylene and polypropylene surface protection films that shield flat panel displays and optical components from scratches during manufacturing and shipping. These films are sold under branded product names with patent protection, giving the segment some pricing power. High Performance Films sells primarily in the U.S. and Asia, and the top four customers account for ~88% of segment net sales. Tredegar sold its flexible packaging films business in November 2024, leaving it focused entirely on these two segments.