UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                         Washington, D. C. 20549 - 1004

                                    FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                                     OF 1934

               FOR THE QUARTERLY PERIOD ENDED  September 30, 2000
                                              -------------------

                         COMMISSION FILE NUMBER  0-2413
                                                -------

                             MacDermid, Incorporated
                             -----------------------
             (Exact name of registrant as specified in its charter)

                      Connecticut                          06-0435750
                   --------------                        ------------
          (State or other jurisdiction of              (I.R.S. Employer
         incorporation or organization)              Identification No.)

           245 Freight Street, Waterbury, Connecticut            06702
           -----------------------------------------------------------
          (Address of principal executive offices)           (Zip Code)

       Registrant's telephone number, including area code  (203) 575-5700
                                                          ---------------

                                         None
          -------------------------------------------------------------
         Former name, former address and former fiscal year, if changed
                               since last report.

Indicate by check mark whether the registrant (1) has filed all reports required
to  be  filed  by section 13 or 15(d) of the Securities and Exchange Act of 1934
during  the  preceding 12 months (or for such shorter period that the registrant
was  required  to  file  such  reports), and (2) has been subject to such filing
requirements  for  the  past  90  days.

                                                       Yes   X  No
                                                           ---     ---

Indicate  the  number  of  shares outstanding of each of the issuer's classes of
common  stock,  as  of  the  latest  practicable  date.

           Class                     Outstanding  at  November  1,  2000
     ----------------------          -----------------------------------
     Common  Stock,  no  par  value                       31,152,611  shares


                             MACDERMID,  INCORPORATED
                                      INDEX




                                                            Page No.
                                                            --------
Part I.   Financial Information

     Item 1.  Financial Statements
  Consolidated Condensed Balance Sheets -
  September 30, 2000 and March 31, 2000                            2

  Consolidated Condensed Statements of Earnings
  and Retained Earnings - Six and Three Months
  Ended September 30, 2000 and 1999                                3

  Consolidated Condensed Statements of Cash Flows -
  Six Months Ended September 30, 2000 and 1999                     4

  Notes to Consolidated Condensed Financial Statements         5 - 9

Item 2.  Management's Discussion and Analysis of
             Financial Condition and Results of Operations   10 - 13

Item 3.  Quantitative and Qualitative Disclosures
             About Market Risk                                    13

Part II.   Other Information                                      14

Signatures                                                        15


<TABLE>
<CAPTION>

                         MACDERMID,  INCORPORATED
                  CONSOLIDATED  CONDENSED  BALANCE  SHEETS
               (Amounts in Thousands of Dollars Except Share Amounts)



                                                         September 30,    March 31,
                                                             2000           2000
                                                        ---------------  -----------
Assets                                                    (Unaudited)     (Audited)
<S>                                                     <C>              <C>

Current Assets:

Cash and Cash Equivalents                               $       16,036   $   20,116

Accounts and Notes Receivable (Net of
Allowance for Doubtful Receivables of
11,183 and $10,541)                                           196,858      180,629

Inventories
Finished Goods                                                  64,556       65,338
Raw Materials                                                   65,760       50,264
                                                        ---------------  -----------
                                                               130,316      115,602
Prepaid Expenses                                                 8,592        6,976
Deferred Income Tax Asset                                        5,394        9,115
                                                        ---------------  -----------
Total Current Assets                                           357,196      332,438
Property, Plant & Equipment (Net of Accumulated
Depreciation of $106,855 and $99,172)                          167,400      154,149
Goodwill (Net of Accumulated Amortization of
     $31,730 and $25,332)                                      225,773      206,848
Intangibles, including Patents/Trademarks (Net of
     Accumulated Amortization of $32,146 and $28,109)           68,108       54,891
Other Assets                                                    33,962       42,166
                                                        ---------------  -----------
                                                        $      852,439   $  790,492
                                                        ===============  ===========
Liabilities and Shareholders' Equity
Current Liabilities:
Notes Payable                                           $        6,685   $    4,561
Current Installments of Long-Term Obligations                   54,271       46,349
Accounts & Dividends Payable                                    72,272       63,545
Accrued Expenses                                                67,325       70,698
Income Taxes                                                    14,639       13,967
                                                        ---------------  -----------
Total Current Liabilities                                      215,192      199,120
Long-Term Obligations                                          393,970      360,348
Accrued Postretirement & Postemployment Benefits                 7,162        7,239
Deferred Income Taxes                                            4,696       10,531
Shareholders' Equity
Common Stock Stated Value $1 per Share                          45,409       45,412
Additional Paid-In Capital                                      13,889       13,866
Retained Earnings                                              239,063      217,149
Comprehensive Income Equity Adjustments: (Note 5)
   Cumulative Foreign Currency Translation                      (8,635)      (5,062)
Less: Cost of 14,277,610 and 14,267,816
    Common Shares in Treasury (Note 3)                         (58,307)     (58,111)
                                                        ---------------  -----------
Total Shareholders' Equity                                     231,419      213,254
                                                        ---------------  -----------
                                                        $      852,439   $  790,492
                                                        ===============  ===========

<FN>
       See accompanying notes to consolidated condensed financial statements.
</TABLE>



<TABLE>
<CAPTION>

                                                MACDERMID,  INCORPORATED
                                   CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS
                                                AND  RETAINED  EARNINGS
                        (Amounts in Thousands of Dollars Except Share and Per Share Amounts)
                                                     (Unaudited)


                                                        Six Months Ended                  Three Months Ended
                                                          September 30,                      September 30,
                                                       ------------------                --------------------
                                                       2000             1999              2000              1999
                                                ------------------  ------------  --------------------  ------------

<S>                                             <C>                 <C>           <C>                   <C>

Net Sales                                       $         384,383   $   364,709   $           197,878   $   182,552

Cost and Expenses:
   Cost of Sales                                          204,384       190,389               108,978        96,029
   Selling, Technical, Administrative Expenses            114,769       108,611                59,325        55,101
   Amortization                                            10,435         8,865                 5,540         4,490
   Interest Income                                           (906)       (1,632)                 (403)       (1,152)
   Interest Expense                                        16,995        17,736                 9,312         8,826
   Other Expense (Income) - net                             2,060           364                   290         1,024
                                                ------------------  ------------  --------------------  ------------
                                                          347,737       324,333               183,042       164,318
                                                ------------------  ------------  --------------------  ------------

Earnings Before Income Taxes                               36,646        40,376                14,836        18,234
Income Taxes                                               13,486        14,179                 5,460         6,295
                                                ------------------  ------------  --------------------  ------------
Net Earnings                                               23,160        26,197                 9,376        11,939

Retained Earnings, Beginning of Period                    217,149       171,740               230,310       185,495
Cash Dividends Declared                                    (1,246)       (1,006)                 (623)         (503)
                                                ------------------  ------------  --------------------  ------------
Retained Earnings, End of Period                $         239,063   $   196,931   $           239,063   $   196,931
                                                ==================  ============  ====================  ============


Net Earnings Per Common Share (Note 4):
Basic                                           $            0.74   $      0.84   $              0.30   $      0.38
                                                ==================  ============  ====================  ============
Diluted                                         $            0.72   $      0.81   $              0.29   $      0.37
                                                ==================  ============  ====================  ============


Cash Dividends Per Common Share                 $            0.04   $      0.04   $              0.02   $      0.02
                                                ==================  ============  ====================  ============


Weighted Average Common Shares Outstanding:
   Basic                                               31,153,712    31,155,590            31,152,611    31,155,804
                                                ==================  ============  ====================  ============
   Diluted                                             32,404,722    32,429,896            32,404,015    32,429,598
                                               ==================  ============  ====================  ============

<FN>
                       See accompanying notes to consolidated condensed financial statements.
</TABLE>



<TABLE>
<CAPTION>

                                         MACDERMID,  INCORPORATED
                           CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS
                                       (Amounts In Thousands of Dollars)
                                                  (Unaudited)



                                                         Six Months Ended September 30,
                                                               2000                   1999
                                                 --------------------------------  ----------

<S>                                              <C>                               <C>

Net Cash Flows from Operating Activities         $                        31,672   $  29,309

Cash Flows from Investing Activities:
   Capital Expenditures                                                   (7,586)     (9,723)
   Proceeds from Disposition of Fixed Assets                               2,029         439
   Acquisitions of Business (Note 2)                                     (57,280)   ( 12,104)
                                                 --------------------------------  ----------

   Net Cash Flows used in Investing Activities                           (62,837)    (21,388)


Cash Flows from Financing Activities:
   Short-Term (Repayments) / Borrowings                                   (9,114)     (2,702)
   Long-Term Borrowings                                                   62,650      10,000
   Long-Term Repayments                                                  (23,938)    (15,170)
   Purchase of Treasury Shares                                              (196)         --
   Dividends Paid                                                         (1,246)     (1,006)
                                                 --------------------------------  ----------

   Net Cash Flows from Financing Activities                               28,156      (8,878)

Effect of Exchange Rate Changes on Cash
    and Cash Equivalents                                                  (1,071)       (272)
                                                 --------------------------------  ----------

   Net Decrease in Cash and Cash Equivalents                              (4,080)     (1,229)

Cash and Cash Equivalents at Beginning of Year                            20,116      17,628
                                                 --------------------------------  ----------

Cash and Cash Equivalents at End of Period       $                        16,036   $  16,399
                                                 ================================  ==========



Cash Paid for Interest                           $                        16,068   $  14,824
                                                 ================================  ==========

Cash Paid for Income Taxes                       $                         9,938   $  11,606
                                                 ================================  ==========

<FN>


</TABLE>



                             MACDERMID, INCORPORATED
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                        (Amounts In Thousands of Dollars)

Note  1.     Summary  of  Significant  Accounting  Policies
     The  March  31, 2000 condensed consolidated balance sheet amounts have been
derived
from  the  previously  audited  consolidated  balance  sheets  of  MacDermid,
Incorporated  (the  Corporation).  The  balance  of  the  condensed  financial
information  reflects  all  adjustments which are, in the opinion of management,
necessary  for  a  fair  presentation  of  the  financial  position,  results of
operations  and cash flows for the interim periods presented and are of a normal
recurring  nature  unless  otherwise  disclosed  in this report.  The results of
operations for the six and three month periods ended September 30, 2000 and 1999
are  not  necessarily indicative of  trends or of the results to be expected for
the  full  year.  The statements should be read in conjunction with the notes to
the  consolidated financial statements included in the Corporation's 2000 Annual
Report.

Note  2.     Acquisitions
     On  June  13, 2000, the Corporation acquired the assets, subject to certain
liabilities, of the digital graphics business unit of VirtualFund.com, Inc.  The
purchase price of $47,000 was paid at closing by borrowing on an existing credit
facility  with  Bank  of America, N.A.  A further $3,000 is contingently payable
before  the end of the fiscal year in the event that certain cost reductions are
achieved  within  nine  months.  There  is  activity  included  in the Condensed
Consolidated  Statement  of  Earnings  and  Retained  Earnings  for the acquired
business  since  the  June  13,  2000  closing  date.  The  related  Condensed
Consolidated  Balance  Sheet at September 30, 2000 displays increased assets and
liabilities  primarily  due  to  this transaction.  The amounts recorded for the
assets  and liabilities acquired, using purchase accounting, include goodwill of
approximately  $25,000  and other intangibles of approximately $17,000 which are
being  amortized over fifteen years and are subject to adjustment whenever final
evaluations  are  completed.  Any  such  adjustments  are  not  expected  to  be
material.

     The  Corporation  established  purchase  liabilities  (included  in accrued
expenses)  in fiscal year 1999 when recording its acquisition of W.Canning, plc.
The  following  table  summarizes the activity to this account for the six month
period  ended  September  30,  2000.
<TABLE>
<CAPTION>



                  Beginning of Year   Payments  End of Period
                  ------------------  --------  --------------
<S>               <C>                 <C>       <C>

   Facilities     $            2,383        75  $        2,308
   Redundancies                  330       296              34
   Environmental               1,880         0           1,880
                  ------------------  --------  --------------
     Total        $            4,593       371  $        4,222
</TABLE>



     The  reorganization  of  employees and facilities is proceeding as planned.
As  of  the  current  reporting period there were 90 employees terminated.  Five
facilities  have  been  closed  with  those  activities  assimilated  elsewhere.
Negotiations are ongoing regarding the elimination of leased facilities and sale
of  owned  facilities,  none  of  which  have  closed  at  present.

Note  3.     Stock  Repurchase  Authorization

     On  July  22,  1998  the  Board  of Directors authorized the Corporation to
purchase  up to 1,000,000 shares of its common stock.  On February 17, 1999, the
Board  of  Directors reduced this authorization to 200,000 shares.  At September
30, 2000, there remained authorization to purchase approximately 184,000 shares.
Such additional shares may be acquired through privately negotiated transactions
or  on  the  open market from time to time.  Any future repurchases by MacDermid
will  depend  on  various factors, including the market price of the shares, the
Corporation's  business  and  financial position and general economic and market
conditions.  Additional  shares  acquired pursuant to such authorization will be
held  in the Corporation's treasury and will be available for the Corporation to
issue  for various corporate purposes without further shareholder action (except
as  required  by applicable law or the rules of any securities exchange on which
the  shares  are  then  listed).

Note  4.     Earnings  Per  Common  Share

     The  computation  of  basic  earnings  per share is based upon the weighted
average  number  of  outstanding  common  shares.  The  computation  of  diluted
earnings  per  share  is  based  upon the weighted average number of outstanding
common  shares plus the effect of all dilutive potential common shares that were
outstanding  during  the period. Earnings per share is calculated based upon net
earnings  available  for  common  shareholders.

Note  5.     Comprehensive  Income

The components of comprehensive income for the six and three month periods ended
September  30,  2000  and  1999  are  as  follows:
<TABLE>
<CAPTION>




                                      Six Months Ended      Three Months Ended
                                         September 30,         September 30,
                                       2000           1999     2000     1999
                                     --------  ------------  --------  -------


<S>                                  <C>       <C>           <C>       <C>

Net Earnings                         $23,160   $     26,197  $ 9,376   $11,939
Other Comprehensive Income:
Cumulative Foreign Currency
Translation Adjustment                (3,573)            25   (3,467)    1,776
Available-for-Sale Securities
Unrealized Holding Gain(net of tax)        -            174        -        78
                                     --------  ------------  --------  -------
Comprehensive Income                 $19,587   $     26,396  $ 5,909   $13,793
                                     --------  ------------  --------  -------
</TABLE>




Note  6.     Segment  Reporting

The  Corporation  provides  development, manufacture and technical service for a
large  variety  of  specialty  chemical  processes  and related equipment in two
reportable operating segments: Advanced Surface Finishes and Graphic Arts. These
two  segments  under  which  the  Corporation  operates on a worldwide basis are
managed  separately  as each segment has differences in technology and marketing
strategies.  The  business  segments  reported  below  are  the  segments of the
Corporation  for which separate financial information is available and for which
operating  results are reviewed by executive management to assess performance of
the  Corporation.  The accounting policies of the business segments are the same
as  those  described  in the summary of significant accounting policies, Note 1.

Net  sales  for  all  of  the  Corporation's  products  fall into one of the two
business  segments.  The  business segment results of operations include certain
operating  costs  which  are allocated based on the relative burden each segment
bears  on  those  costs.  Operating  income  amounts  are  evaluated  before
amortization  of  intangible  assets  and  non-recurring  charges.  The business
segment  identifiable  assets  exclude  deferred  tax  assets,  equity  method
investments  and  certain  other long term assets not associated with support of
the  operations.

Note  6.     Segment  Reporting  (continued)
            Segment  Results  of  Operations:
<TABLE>
<CAPTION>




                                      Six Months Ended               Three Months Ended
                                       September 30,                   September 30,
                                     2000           1999             2000            1999
                              ------------------  ---------  --------------------  ---------
<S>                           <C>                 <C>        <C>                   <C>

Net Sales
Advanced Surface Finishes     $         228,928   $221,343   $           115,438   $112,071
Graphic Arts                            155,455    143,366                82,440     70,481
                              ------------------  ---------  --------------------  ---------
Consolidated Net Sales        $         384,383   $364,709   $           197,878   $182,552
                              ------------------  ---------  --------------------  ---------
Operating Income
Advanced Surface Finishes     $          40,110   $ 39,692   $            16,925   $ 19,291
Graphic Arts                             25,120     26,017                12,650     12,131
Amortization Expense                    (10,435)    (8,865)               (5,540)    (4,490)
                              ------------------  ---------  --------------------  ---------
Consoliated Operating Income  $          54,795   $ 56,844   $            24,035   $ 26,932
Interest Income                             906      1,632                   403      1,152
Interest Expense                        (16,995)   (17,736)               (9,312)    (8,826)
Other (Expense) Income - net             (2,060)      (364)                 (290)    (1,024)
                              ------------------  ---------  --------------------  ---------
Earnings before Income Taxes  $          36,646   $ 40,376   $            14,836   $ 18,234
                              ------------------  ---------  --------------------  ---------
</TABLE>


<TABLE>
<CAPTION>

Segment  Identifiable  Assets:


                            September 30, 2000   March 31, 2000
                            -------------------  ---------------

<S>                         <C>                  <C>

Advanced Surface Finishing  $           474,695  $       453,714
Graphic Arts                            357,193          314,215
Corporate-wide                           20,551           22,563
                            -------------------  ---------------
   Consolidated Assets      $           852,439  $       790,492
                            -------------------  ---------------
</TABLE>



Note  7.     Restructuring  Charges

In  the  second  quarter  of  fiscal 2001, the Corporation began a restructuring
program,  in order to achieve a strategic repositioning, of its operations which
have  grown  rapidly  through  significant acquisitions over the past two fiscal
years.  The Corporation took a $1,000 restructuring charge in the second quarter
ending  September  30,  2000.  In  addition,  the  Corporation expects to take a
further  restructuring  charge  of  approximately $3,000 in the third quarter of
fiscal  2001.  These charges represent, primarily, management and office support
redundancies  of  approximately  165  individuals.  As of September 30, 2000, 23
employees  have  been  terminated  in accordance with the plan resulting in cash
payments  of  $974.  It  is  expected that the restructuring program and related
charges  will  be  completed  by  the  fiscal  year  end.

Note  8.     Market  Risk  and  Contingencies

Market  Risk

The  Corporation  is exposed to market risk in the normal course of its business
operations due to its operations in different foreign currencies and its ongoing
investing  and  financing  activities. The risk of loss can be assessed from the
perspective  of  adverse changes in fair values, cash flows and future earnings.
The Corporation has established policies and procedures governing its management
of  market risks and the use of financial instruments to manage exposure to such
risks.

The  Corporation  is  exposed  to  interest  rate risk primarily from its credit
facility which is based upon various floating rates.  At September 30, 2000, the
Corporation  had  entered  into  interest  rate swaps with an aggregate notional
amount  that  approximates  one-third  of  its  borrowings.

The resulting weighted-average fixed interest rate is approximately 7.5%.  Based
upon  expected  levels  of  borrowing  under  this facility for the remainder of
fiscal year 2001, an increase in interest rates of 100 basis points would result
in  an  incremental  $3.2  million  annual interest expense and would not have a
material  adverse  affect  on the Corporation's consolidated financial position,
results  of  operations  or  cash  flows.

The  Corporation  operates manufacturing facilities in eight countries and sells
products in over 25 countries.  Approximately 45% of the Corporation's sales are
denominated  in  currencies  other  than  the  US  Dollar.  Historically,  the
Corporation  returns  slightly  less  than  10%  on  sales  and foreign exchange
fluctuations  have  not  had  any  significantly  measurable effect on earnings.
Furthermore,  those  earnings are generally reinvested locally and the impact on
operating  cash  flows  has  been  less  than $3.5 million annually.  Management
continually  reviews the balance between foreign currency denominated assets and
liabilities  in order to minimize the exposure to foreign exchange fluctuations.

The  Corporation  does  not  enter into any derivative financial instruments for
trading  purposes,  nor  does  it  enter into any foreign currency hedging.  The
Corporation  has  certain supply agreements for quantities but has chosen not to
enter  into  any  price  hedging  with  its  suppliers  for  commodities.

Contingencies

     (a)  Environmental.  The  Corporation  has  been  named  as  a  potentially
responsible  party  (PRP)  by  the Environmental Protection Agency in connection
with  two  waste sites. There are many other companies involved at each of these
sites and the Corporation's participation is minor. The Corporation has recorded
its best estimate of liabilities in connection with site clean-up based upon the
extent  of  its involvement, the number of PRPs and estimates of the total costs
of  the site clean-up. Though it is difficult to predict the final costs of site
remediation,  management  believes  that  the  recorded  liabilities  of $200 at
September  30,  2000  are  reasonable  estimates  of probable liability and that
future  cash  outlays  are unlikely to be material to its consolidated financial
position,  results  of  operations  or  cash  flows.

The  Corporation  has  established  an  environmental  remediation  reserve with
respect  to  its December 1998 acquisition of Canning. A substantial majority of
that reserve is attributable to two U.S. sites of a Canning U.S. subsidiary that
are  believed  to  require  environmental  remediation  activities. The reserves
established  by  the  Corporation  were  based  upon  phase  I  and  phase  II
environmental  investigations  of those sites and remediation estimates produced
by  remediation contractors, which estimates indicated that the reasonable range
of  the  Corporation's  gross  liability  is  $2,000  to $11,500. Based upon the
Corporation's  experience  and  the  facts  known  to  it as of the date of this
filing,  the  Corporation expects that its gross liability for those two Canning
sites  will  not  exceed  $4,500.  The  Corporation  believes  that  its Canning
subsidiary clearly is entitled under Canning's acquisition agreement relating to
those  sites  to  withhold  a  deferred  purchase price payment of approximately
$2,300,  which  will  be applied to reduce its net liability for those sites. To
the  extent  the  Corporation's  liabilities exceed $2,300 it may be entitled to
additional  indemnification  payments from the previous two largest shareholders
of  the  prior owner of the two sites. Such recovery is substantially uncertain,
however,  and  would likely involve significant litigation expense. As a result,
the  Corporation has recorded a net liability of $2,000. The foregoing estimates
of  potential  gross and net liabilities and recoveries have not been discounted
to reflect the time value of money. The Corporation expects that the liabilities
pertaining to the two Canning sites will be incurred within the next five years;
the  Corporation  will  recognize  the recovery from the deferred purchase price
payment  contemporaneously  with  its  payment  of  the  underlying  expense.


(b)  Legal  Proceedings.  On January 30, 1997, the Corporation was served with a
subpoena  from a federal grand jury in Connecticut requesting certain documents.
The  Corporation  was  subsequently  informed  that it is a subject of the grand
jury's  investigation.  The  subpoena  requested  information  relating  to  an
accidental  spill  from  the  Corporation's  Huntingdon  Avenue,  Waterbury,
Connecticut  facility  that  occurred  in  November of 1994, together with other
information  related  to  operations  and  compliance  at  the Huntingdon Avenue
facility.  The Corporation has retained outside law firms to assist in complying
with  the  subpoena  and the underlying investigation.  The Corporation has from
the  outset  cooperated  with  the  investigation  and  is currently involved in
informal negotiations, with the government, with a view towards settling any and
all  charges  in  this matter without resort to trial.  Since these negotiations
have  only  recently  begun,  at this time it is too speculative to quantify the
precise  financial  implications  to  the  Corporation.

The  Corporation  is  a  party to a number of lawsuits and claims in addition to
those discussed above arising out of the ordinary conduct of business. While the
ultimate  results of the proceedings against the Corporation cannot be predicted
with certainty, management does not expect that resolution of these matters will
have a material adverse effect upon its consolidated financial position, results
of  operations  or cash flows. It is the Corporation's policy to record accruals
in  these  regards are determined in accordance with the provisions of Statement
of  Financial  Accounting Standards No. 5, Accounting for Contingencies (SFAS 5)
which  requires  an  accrual to be recorded when it is both probable a liability
has  been  incurred  and  the  cost  is  reasonably  estimable.

(c)  Other.  The  Corporation's  business  operations,  consist  principally  of
manufacture  and  sale of specialty chemicals, supplies and related equipment to
customers  throughout  much  of  the world. Approximately 40% of the business is
concentrated  in  the  printing  industry where our products are used for a wide
variety  of  applications,  including  offset blankets, printing plates, textile
blankets  and  rubber  based  covers  for  industrial  rollers, while 25% of the
business  is concentrated with manufacturers of printed circuit boards which are
used  in  a  wide  variety  of  end-use  applications,  including  computers,
communications  and control equipment, appliances, automobiles and entertainment
products.  As  is  usual  for  this business, the Corporation generally does not
require  collateral  or other security as a condition of sale, choosing, rather,
to  control  credit  risk  of  trade  account  financial  instruments  by credit
approval, balance limitation and monitoring procedures. Management believes that
reserves for losses, which are established based upon review of account balances
and  historical  experience,  are  adequate.










ITEM  2:

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations

The  following  discussion  compares the results of operations for the three and
six month periods which ended September 30, 2000 to the same periods in 1999 and
provides  information  with respect to changes in financial condition during the
six  months  then  ended.

SALES

Total  sales for the current quarter, $197.9 million, increased $15.3 million or
8% from $182.6 million in the same period last year.  Proprietary sales, roughly
93%  of  total  sales,  increased  $18.6  million  or 11%.  Acquisitions (net of
divestitures)  added  $13.1 million to proprietary sales, while foreign currency
translation  reduced  reported  proprietary  sales approximately $6.7 million or
roughly 4%.  Proprietary sales excluding the effects of acquisitions and foreign
currency  translation  would  have  increased  7%.

For  the six month period, total sales of $384.4 million increased $19.7 million
or  5%  from  $364.7  million  in the same period last year.  Proprietary sales,
roughly 93% of total sales, increased $29.2 million or 9%.  Acquisitions (net of
divestitures)  added  $24.4  million, while foreign currency translation reduced
reported  proprietary  sales  approximately  $11.9  million  or  roughly  4%.
Proprietary  sales  excluding  the  effects of acquisitions and foreign currency
translation  would  have  increased  5%.

The  Corporation's underlying (excluding the effects of acquisitions and foreign
currency  translation)  sales  growth, for both Graphic Arts ("GA") and Advanced
Surface  Finishes  ("ASF"),  was  fueled by Asia and to a lesser extent, further
enhanced  by  Europe.  The  underlying sales in North America were somewhat less
than  the  same  periods last year, primarily for ASF.  Worldwide GA proprietary
sales  were  7% and 2% higher for the three and six month periods, respectively.
Worldwide  ASF  proprietary  sales  were  7% and 8% higher for the three and six
month  periods,  respectively.

COSTS  AND  EXPENSES

Gross  profits  are up 3%, for both the three and six month periods, as compared
to  the  same periods last year.  The advancement of proprietary chemical sales,
in part from newer technologies, has been leading this growth.  Gross profit, as
a  percentage  of sales for the three month period is 44.9% as compared to 47.4%
for  the  same period last year.  Gross profit, as a percentage of sales for the
six  month  period  is 46.8% as compared to 47.8% for the same period last year.
Overhead  recoveries have been temporarily, negatively, impacted by early ViaTek
production  costs  which  is  the  primary  reason  for  these  differences.

Selling,  technical  and  administrative (ST&A) expenses increased 8% and 6% for
the  three  and six month periods, respectively, as compared to the same periods
last year.  Included in the three and six month periods are merger related costs
of  $1.5  million  and  restructuring  charges of $1.0 million.  Excluding these
charges,  ST&A  expenses  would be 3% increased for both the three and six month
periods.  The  increase is from additional expenses from acquisition, while ST&A
expenses  increased  modestly  in  support  of  business  growth  and  product
development  and  cost  awareness  initiatives have held administrative expenses
down.  As a result, ST&A excluding the merger related and restructuring charges,
as a percentage of sales, is 28.7% and 29.2% for the three and six month periods
this  year,  respectively,  as  compared to 30.2% and 29.8% for the same periods
last  year.

The  Corporation recorded special charges of $1 million in the second quarter of
fiscal  2001  which  relates  to the restructuring program undertaken during the
period.  A  further restructuring charge of approximately $3 million is expected
to  be taken in the third quarter of fiscal 2001.  The restructuring is intended
to  reposition  operations  in a more strategic manner and consists primarily of
the  planned  reduction of 165 individuals from the Corporation's North American
and  European  workforces.  These reductions are mainly duplicate management and
office  support positions with roughly two-thirds relating to the GA operations.
The  Corporation  expects  to save approximately $12 million or $0.24 per share,
per  annum.  As  of  September  30,  2000,  23 employees have been terminated in
accordance  with  the  plan  resulting  in cash payments of $1.0 million.  It is
expected that the restructuring program and related charges will be completed by
the  fiscal  year  end.

Total  amortization  charged  to earnings was $5.5 million and $10.4 million for
the  three  and  six  month periods ended September 30, 2000, respectively.  The
amortization  of goodwill and other intangibles has increased approximately $1.0
million and $1.5 million for the three and six month periods, respectively, over
the  same  periods  last  year  due  to  recent acquisitions by the GA business.

Operating profits, excluding the effects of the merger related and restructuring
charges,  for  the  three month period decreased 2% and for the six month period
increased  1%  as  compared  to  the same periods last year.  Operating profits,
including  the merger related and restructuring charges decreased 11% and 4% for
the  three and six month periods, respectively, from the same periods last year.
For  the three month period, GA operating profits increased 4% and ASF operating
profits decreased 12%.  For the six month period, GA operating profits decreased
3%  and  ASF  operating  profits  increased  1%.

PROVISION  FOR  INCOME  TAXES

The  Corporation's  effective  income  tax rate approximates 37% and 35% for the
three  and  six  month  periods ended September 30, 2000 and 1999, respectively.
The  difference is due to a limitation on the utilization of foreign tax credits
for  the  period  ended  September  30,  2000.

NET  EARNINGS

Net  earnings available to common shareholders decreased 13% for the three month
period  and 12% for the six month period as compared to the similar periods last
year.  Foreign  currency  translation  had  the  effect of reducing the reported
earnings  by  approximately  3%  for  both the three and six month periods.  The
current period earnings continued to be suppressed by increased costs supporting
the  newest  Viatek  facility  program.

Financial  Condition

Operating activities during the six months ending September 30, 2000 resulted in
a  net  cash  inflow  of $31.7 million.  The cash generated was used for capital
improvements,  dividends  to  common shareholders and long-term debt repayments.
Working  Capital  at September 30, 2000 was $142.0 million as compared to $133.3
million  at  March  31,  2000.

Capital  expenditures  were  $7.6 million for the six months ended September 30,
2000  and are in line with the total planned expenditures of approximately $22.0
million  for  the  fiscal  year.

The  following  table contains other data for the six months ended September 30,
2000  and  1999.  EBITDA  is  earnings  before interest, taxes, depreciation and
amortization.  Owners  Earnings  is  cash  flow from operations less net capital
spending.  Neither  EBITDA,  nor  Owners Earnings are intended to represent cash
flow  from  operations  as  defined by generally accepted accounting principles.
These  measures  should  not  be  used  as  an  alternative  to net income as an
indicator  of  operating performance or to cash flows as a measure of liquidity.

<TABLE>
<CAPTION>

($  millions)                                     2000        1999
                                                  -----       -----
<S>                                              <C>       <C>
Cash provided by operations                      $   31.7  $   29.3
Cash used in investing activities                 <$62.8>   <$12.4>
Cash provided by/(used in) financing activities  $   28.2  $    8.9

EBITDA                                           $   72.8  $   74.7

Cash provided by operations                      $   31.7  $   29.3
Less net capital spending                          <$5.6>    <$9.3>
                                                 --------  --------
  Owners earnings                                $   26.1  $   20.0
</TABLE>

MacDermid  has  a  long-term  credit  arrangement,  which consists of a combined
revolving  loan  and  three  six-year  term  loans.  Two  of  the term loans are
denominated  in  US  Dollars  and  the  other is Pound Sterling denominated. The
outstanding  balance  on the credit facilities increased $47.0 million to effect
the  acquisition  of the digital graphics business unit of VirtualFund.com, Inc.
In  addition,  the  remaining  outstanding  balance  on  the  credit  facilities
decreased  a  net  $8.3 million during the year.  The amounts outstanding on the
long-term  credit  arrangement at September 30, 2000, consists of $117.7 million
for  the  revolving  loan, $261.6 million on the US Dollar term loans and $54.2
(Pound Sterling 36.7)  million  on  the  Pound  Sterling  term  loan.

The  revolving  loan  facility  permits  borrowings  of up to $175 million.  The
Corporation's other credit facilities presently total approximately $55 million.
These,  together  with the Corporation's cash flows from operations are adequate
to  fund  working  capital  and  expected  capital  expenditures.

The  Corporation established purchase liabilities, in fiscal year 1999, upon the
acquisition  of  Canning.  The  reorganization  of  employees  and facilities is
proceeding  as  planned.  As  of  the  current  reporting  period  there were 90
employees  terminated.  Negotiations  are  ongoing  regarding the elimination of
leased  facilities  and  sale  of owned facilities, none of which have closed at
present.  It  is  unlikely  this  reorganization  plan  would  have any material
effects  on  the  future  operations  or  financial  condition.

New  Accounting  Pronouncements

The  Financial  Accounting  Standards Board (FASB) issued Statement of Financial
Accounting  Standard  No.133, "Accounting for Derivative Instruments and Hedging
Activities" (SFAS 133).  SFAS 133 replaces existing pronouncements and practices
with  a  single  integrated  accounting  framework  for  derivatives and hedging
activities.  FASB  later  issued  two  other  statements  that  amend  SFAS133;
Statement  of  Financial Accounting Standard No. 137, "Accounting for Derivative
Instruments  and  Hedging  Activities  -  Deferral of the Effective Date of FASB
Statement  No. 133" (SFAS 137), which establishes an effective date for SFAS 133
for  fiscal  years  beginning  after  June  15,  2000 and Statement of Financial
Accounting  Standard No. 138, "Accounting for Certain Derivative Instruments and
Certain  Hedging  Activities"  (SFAS  138),  which addresses a limited number of
issues  that  had  been  cause for implementation difficulties as established by
SFAS  133.  The  Corporation  is  currently evaluating the requirements of these
three  statements  and  believes  that the adoption of these statements, for its
fiscal  2002 financial statements, will not have a material impact on previously
reported  information.

Euro  Currency  Conversion

On  January  1, 1999, certain member countries of the European Union established
fixed  conversion  rates  between  their  existing  currencies  and the European
Union's  common currency ("Euro"). The transition period for the introduction of
the Euro ends June 30, 2002. Issues that face the Corporation as a result of the
introduction of the Euro include converting information technology systems which
were  largely  upgraded  under  the  year  2000  compliance  review, reassessing
currency  risk,  negotiating  and  amending  contracts,  as  well  as processing
accounting  and tax records. The Corporation is addressing these issues and does
not  expect  the  Euro  to  have a material effect on its financial condition or
results  of  operations.

Contingencies

(a)  Environmental.  The Corporation has been named as a potentially responsible
party  (PRP) by the Environmental Protection Agency in connection with two waste
sites.  There  are  many other companies involved at each of these sites and the
Corporation's  participation  is  minor.  The  Corporation has recorded its best
estimate  of  liabilities in connection with site clean-up based upon the extent
of  its  involvement, the number of PRPs and estimates of the total costs of the
site  clean-up  that  reflect  the  results  of  phase  I  and  II environmental
investigations  and  remediation  estimates produced by remediation contractors.
Though  it  is  difficult  to  predict  the  final  costs  of  site remediation,
management  believes  that  the recorded liabilities are reasonable estimates of
probable  liability  and that future cash outlays are unlikely to be material to
its  consolidated  financial  position,  results  of  operations  or cash flows.

The  Corporation  has  established  an  environmental  remediation  reserve with
respect  to  its December 1998 acquisition of Canning. A substantial majority of
that  reserve  is  attributable to several sites of Canning that are believed to
require  environmental  remediation  activities. The reserves established by the
Corporation were based upon phase I and phase II environmental investigations of
those sites and remediation estimates produced by remediation contractors, which
estimates  indicated  that  the  reasonable  range  of  the  Corporation's gross
liability  is  $2  million  to  $11.5  million.  Based  upon  the  Corporation's
experience  and  the  facts  known  to  it  as  of  the date of this filing, the
Corporation  expects  that  its gross liability for those Canning sites will not
exceed  $4.5  million.  The  Corporation believes that its Canning subsidiary is
entitled  under  its acquisition agreement relating to those sites to withhold a
deferred  purchase  price  payment  of approximately $2.3 million, which will be
applied  to  reduce  its  net  liability  for  those  sites.  To  the extent the
Corporation's  liabilities  exceed $2.3 million it may be entitled to additional
indemnification  payments.  Such  recovery  may be uncertain, however, and would
likely  involve significant litigation expense. As a result, the Corporation has
recorded  a  net  liability  of $2 million. The foregoing estimates of potential
gross  and  net  liabilities  and recoveries represent our best estimates of the
fair  value  of  these obligations. The Corporation expects that the liabilities
pertaining to the Canning sites will be incurred within the next five years; the
Corporation will recognize the recovery from the deferred purchase price payment
contemporaneously  with  its  payment  of  the  underlying  expense.

(b)  Legal  Proceedings.  On January 30, 1997, the Corporation was served with a
subpoena  from a federal grand jury in Connecticut requesting certain documents.
The  Corporation  was  subsequently  informed  that it is a subject of the grand
jury's  investigation.  The  subpoena  requested  information  relating  to  an
accidental  spill  from  the  Corporation's  Huntingdon  Avenue,  Waterbury,
Connecticut  facility  that  occurred  in  November of 1994, together with other
information  related  to  operations  and  compliance  at  the Huntingdon Avenue
facility.  The Corporation has retained outside law firms to assist in complying
with  the  subpoena  and the underlying investigation.  The Corporation has from
the  outset  cooperated  with  the  investigation  and  is currently involved in
informal  negotiations  with the government with a view towards settling any and
all  charges  in  this matter without resort to trial.  Since these negotiations
have  only  recently  begun,  at this time it is too speculative to quantify the
precise  financial  implications  to  the  Corporation.

On  July  26, 1999 the Corporation was named in a civil lawsuit commenced in the
Superior  Court  of  the  State  of Connecticut. The action was initiated by the
Commissioner  of Environmental Protection alleging various compliance violations
at the Corporation's Huntingdon Avenue and Freight Street  locations between the
years 1992 through 1998. The complaint contains allegations of permit violations
and  violations  of  procedural,  notification  and  other  requirements  of
Connecticut's  environmental  regulations over the foregoing period of time. The
Corporation  is  vigorously  defending this complaint. The Corporation currently
believes  that  the  outcome  of  this proceeding will not materially affect the
Corporation's  business or financial position, however, the proceeding is in the
early  stages.  Therefore,  at  this  time it is too speculative to quantify the
financial  implications  to  the  Corporation.

The  Corporation  is  a  party to a number of lawsuits and claims in addition to
those discussed above arising out of the ordinary conduct of business. While the
ultimate  results of the proceedings against the Corporation cannot be predicted
with certainty, management does not expect that resolution of these matters will
have a material adverse effect upon its consolidated financial position, results
of  operations  or  cash  flows.  It  is  the  Corporation's  policy  to  accrue
liabilities  in  these  regards  when  it  is both probable a liability has been
incurred  and  the  cost is reasonably estimable in accordance with Statement of
Financial  Accounting  Standards  No.  5,  "Accounting  for  Contingencies."

Outlook:  Issues  and  Risks

This  report  and  other Corporation reports and statements describe many of the
positive  factors affecting the Corporation's future business prospects. Readers
should  also  be  aware  of  factors which could have a negative impact on those
prospects.  These  include  political,  economic  or  other  conditions  such as
currency  exchange  rates,  inflation  rates,  recessionary or expansive trends,
taxes  and  regulations  and  laws affecting the business; competitive products,
advertising,  promotional  and pricing activity, the degree of acceptance of new
product introductions in the marketplace and the difficulty of forecasting sales
at  various  times  in  various  markets.

The  Corporation  operates  throughout  the  world in areas generally considered
stable.  Sales  are  mainly  to  companies  whose  outputs  become components in
consumer  and  industrial products having wide application and demand and no one
customer  accounts  for a material proportion of sales. Management believes that
inflation,  generally,  has  had  little  overall  impact upon the Corporation's
operations  and  reported  earnings. While there may be temporary disruptions of
economic stability, management believes that their long-term effects will not be
significant  to  the  Corporation.




ITEM  3:

                    Quantitative and Qualitative Disclosures
                                About Market Risk

Refer  to  the  Notes  to  Consolidated  Condensed  Financial Statements, Note 8
"Market  Risk  and  Contingencies".


PART  II.  OTHER  INFORMATION

ITEM  1  :  Legal  Proceedings

     None.

ITEM  2  :  Changes  in  the  Rights  of  Security  Holders

          None.

ITEM  3  :  Defaults  by  the  Corporation  on  its  Senior  Securities

          None.

ITEM  4  :  Results  of  Votes  of  Security  Holders

     None.

ITEM  5  :  Other  Information

The  Corporation  issued  a  press  release  on  October 26, 2000 for its second
quarter  earnings  and  to  concurrently announce a restructuring program.  This
restructuring  will  represent  ongoing  savings  in excess of $12 million.  The
program  had  been  initiated  during  the  second quarter and is expected to be
completed  by  the  end  of  the  fiscal year, with total charges to earnings of
approximately  $4  million  expected.  The  restructuring program recognizes the
redundancies  in  management  and  office  support  as  a result of recent large
acquisitions,  for  which  the decision was made to integrate these acquisitions
slowly  in  order  to  ensure  the  operations  were  first  well  integrated.

ITEM  6(a)  :  Exhibits

99.  Press  Release  dated  October  26,  2000.

ITEM  6(b)  :  Reports  on  Form  8-K

     None.

<PAGE>



                                   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.


                                         MacDermid,  Incorporated
                                         ------------------------
                                                  (Registrant)







Date:  November  13,  2000               /s/  Daniel  H.  Leever
       -------------------              ------------------------

                                              Daniel  H.  Leever
                                                 Chairman  and
                                           Chief  Executive  Officer






Date:  November  13,  2000              /  s  /  Gregory  M.  Bolingbroke
       -------------------              ---------------------------------

                                              Gregory  M.  Bolingbroke
                                            Corporate  Controller  and
                                                     Treasurer