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    December 31, 1997

                    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.

Common Stock, no par value - 8,365,302 shares as of January 30, 1998.















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                                                          -2-



                            MACDERMID, INCORPORATED

 
                                   INDEX

PART I.  Financial Information

  Item 1.  Financial Statements

                                                                    Page No.
    Consolidated Condensed Balance Sheets
      December 31, 1997 and March 31, 1997                              3-4

    Consolidated Condensed Statements of Earnings 
      and Retained Earnings - Nine Months and Three Months
      Ended December 31, 1997 and 1996                                    5

    Consolidated Condensed Statements of Cash Flows -
      Nine Months Ended December 31, 1997 and 1996                        6

    Notes to Consolidated Condensed Financial Statements                7-8

  Item 2.  Management's Discussion and Analysis of 
             Financial Condition and Results of Operations             9-11


PART II.  Other Information                                              12

  Signatures                                                             13


























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                                                                 -3-
<TABLE>

PART I. - FINANCIAL INFORMATION

                        MACDERMID, INCORPORATED
                  CONSOLIDATED CONDENSED BALANCE SHEETS
         (Amounts in Thousands of Dollars Except Share Amounts)
<CAPTION> 
                                                 December 31,   March 31,
                                                    1997          1997
                                                 ------------   --------- 
                                                 (Unaudited)    (Audited)
<S>                                               <C>           <C>
               ASSETS
Current Assets:
    Cash and Cash Equivalents                     $  3,833      $  6,530
    Accounts and Notes Receivable
      (Net of Allowance for Doubtful
      Receivables of $3,347 and $3,379)             72,828        61,419
    Inventories
      Finished Goods                                25,238        23,125
      Raw Materials                                 18,487        17,623
                                                  --------      --------
                                                    43,725        40,748
    Prepaid Expenses                                 2,892         2,207
    Deferred Income Tax Asset                        4,791         4,808
                                                  --------      --------
        Total Current Assets                       128,069       115,712

Property, Plant and Equipment (Net of Accumulated
  Depreciation of $43,812 and $41,424)              39,047        41,544

Goodwill, net                                       80,641        76,346
Other Assets (Note 2)                               44,195        27,376
                                                  --------      --------
        Total Assets                              $291,952      $260,978
                                                  ========      ========
<FN>
See accompanying notes to consolidated condensed financial statements.
</TABLE>



















<PAGE>
                                                               -4-
<TABLE>

<CAPTION>
                                               December 31,       March 31,
                                                   1997             1997
                                                -----------       ---------
                                                (Unaudited)       (Audited)
<S>                                               <C>              <C>
     LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Notes Payable                                   $  7,765         $  9,059 
  Current Installments of Long-term Obligations     10,804            7,816
  Accounts and Dividends Payable                    24,609           22,181
  Accrued Expenses                                  28,902           23,015
  Income Taxes                                       9,062            6,758
                                                  --------         --------
      Total Current Liabilities                     81,142           68,829

Long-term Obligations                              111,854           75,165
Accrued Postretirement and Postemployment Benefits   4,258            4,157
Deferred Income Taxes                                  340              245
Minority Interest in Subsidiaries                       93               88
Preferred Stock--6% Redeemable Series A (no par)         -           32,436

Shareholders' Equity
  Common Stock Stated Value $1 per Share            13,088           12,800
  Additional Paid-In Capital                         4,090              959
  Retained Earnings                                134,625          113,632
  Equity Adjustment From Foreign Currency 
    Translation                                     (2,935)              74
  Less Cost of 4,723,194 and 4,613,186 Common
    Shares in Treasury (Note 3)                    (54,603)         (47,407)
                                                  --------         --------
      Total Shareholders' Equity                    94,265           80,058
                                                  --------         --------
                                                  $291,952         $260,978
                                                  ========         ========
<FN>
See accompanying notes to consolidated condensed financial statements.
</TABLE>













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                                                              -5-
<TABLE>
                           MACDERMID, INCORPORATED
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
                              (Unaudited)
         (Amounts in Thousands Except Share and Per Share Amounts)
<CAPTION>
                                       Nine Months Ended   Three Months Ended
                                          December 31,         December 31,
                                        ---------------   ------------------
                                        1997      1996       1997      1996
                                        ----      ----       ----      ----
<S>                                    <C>      <C>        <C>       <C>
Net Sales                              $233,531 $221,060   $ 83,808  $ 74,367
Cost and Expenses
  Cost of Sales                         113,776  109,784     42,455    36,002
  Selling, Technical and Administrative
    Expenses/Amortization                78,558   77,011     27,394    25,820
  Interest Income                          (359)    (492)      (117)     (145)
  Interest Expense                        5,571    5,706      2,121     1,728
  Other Expense - Net                       471    1,856        (76)    1,159
                                       -------- --------   --------  --------
                                        198,017  193,865     71,777    64,564
                                       -------- --------   --------  --------
    Earnings Before Income Taxes         35,514   27,195     12,031     9,803
Income Taxes                             12,962   10,878      4,391     3,921
                                       -------- --------   --------  --------
    Net Earnings                         22,552   16,317      7,640     5,882
Preferred Dividends                        (309)  (1,377)        -       (459)
                                       -------- --------   --------  --------
 Earnings Available for 
      Common Shareholders                22,243   14,940      7,640     5,423
Retained Earnings, Beginning of 
 Period                                 113,632   92,288    127,403   100,983
Cash Dividends Declared                  (1,250)  (1,232)      (418)     (410)
                                        ------- --------   --------  --------
Retained Earnings, End of Period       $134,625 $105,996   $134,625  $105,996
                                       ======== ========   ========  ========

Net Earnings Per Common Share - (Note 4):
  Basic                                $2.68     $1.81       $0.91    $0.66
                                       =====     =====       =====    =====
  Diluted                              $2.62     $1.76       $0.90    $0.65
                                       =====     =====       =====    =====
Cash Dividends Per Common Share        $0.15     $0.15       $0.05    $0.05
                                       =====     =====       =====    =====
Weighted Average Common Shares
  Outstanding :
   Basic                               8,312,617 8,263,373 8,365,500 8,185,655
                                       ========= ========= ========= =========
   Diluted                             8,497,018 8,482,860 8,473,987 8,386,118
                                       ========= ========= ========= =========


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



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                                                                 -6-
<TABLE>
                         MACDERMID, INCORPORATED
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                            (Unaudited)
                     (In Thousands of Dollars)


<CAPTION>
                                                  Nine Months Ended
                                                      December 31,
                                                --------------------
                                                  1997         1996
                                                  ----         ----
<S>                                             <C>          <C>
Net Cash Flows from Operating Activities        $25,570      $25,437

Cash Flows from Investing Activities:
  Capital Expenditures                           (3,205)      (5,442)
  Proceeds from Disposition of Fixed Assets         639          517
  Acquisitions/Dispositions of Business (Note 2)(25,130)         637
                                                -------      -------
    Net Cash Flows Used in Investing Activities (27,696)      (4,288)
                                                -------      -------
Cash Flows from Financing Activities:
  Short-Term (Repayments)/Borrowings               (451)         619
  Long-Term Borrowings                           53,622        2,000
  Long-Term Repayments                          (13,990)     (18,675)
  Preferred Stock Redemption                    (32,745)           - 
  Exercise of Stock Options                       1,690          958
  Purchase of Treasury Shares                    (7,196)      (8,970)
  Dividends Paid                                 (1,250)      (1,232)
                                                -------      -------  
    Net Cash Flows Used in 
     Financing Activities                          (320)     (25,300)

Effect of Exchange Rate Changes on Cash            (251)         (72)
    and Cash Equivalents                        -------      -------

    Net Decrease in Cash and Cash Equivalents    (2,697)      (4,223)
Cash and Cash Equivalents at Beginning of Year    6,530        8,833
                                                -------      -------
    Cash and Cash Equivalents at End of Period  $ 3,833      $ 4,610
                                                =======      =======

Cash Paid for Interest                          $ 5,177      $ 5,641
                                                =======      =======

Cash Paid for Income Taxes                      $ 9,340      $11,715
                                                =======      =======
<FN>
See accompanying notes to consolidated condensed financial statements.
</FN>
</TABLE>




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                                                                -7-

                                MACDERMID, INCORPORATED
                NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1.   Summary of Significant Accounting Policies

          The March 31, 1997 condensed consolidated balance sheet amounts
          have been derived from the previously audited consolidated balance
          sheets of MacDermid, Incorporated.  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 three and nine month periods ended 
          December 31, 1997 and 1996 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 MacDermid's 1997
          Annual Report.

Note 2.   Acquisitions

          On September 29, 1997 the Corporation completed an acquisition of
          the Board Fabrication Division of National Starch and Chemical
          Company (National) which was only recently acquired by National 
          as part of their purchase of Grace Specialty Polymers Business. 
          When final evaluation of the amounts to be recorded for the assets
          and liabilities acquired is completed, using the purchase method of
          accounting, then the specific amounts will be reclassified within
          the balances presented in the Condensed Consolidated Balance Sheet.
          Such amounts are not expected to be material to the balances
          presented at December 31, 1997.  Operational activity from the
          foregoing acquisition was included in the results of operations 
          only since October 1, 1997 and any activity recorded for the fiscal
          year is expected to be non-material. 
 
          As reported in December 1995 there was a further $15 million 
          contingently payable for the purchase price related to the 
          acquisition of the Electronics and Printing Division of Hercules 
          Incorporated that would have been payable in fiscal year 2004.  
          In the second quarter, this performance premium was fully 
          satisfied, by the payment of $4.5 million, increasing the 
          goodwill balance on the consolidated balance sheets since 
          September 30, 1997 and completing the acquisition.








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                                                           -8-



Note 3.   Stock Repurchase Authorization 

          The Board of Directors on July 23, 1997 authorized the 
          Corporation to purchase up to 100,000 shares of its common 
          stock.  At December 31, 1997, there remained authorization to
          purchase approximately 82,000 shares which 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

          As of this reporting period the Corporation has adopted 
          the Financial Accounting Standards Board Statement of
          Financial Accounting Standard No. 128, Earnings per Share
          (SFAS128).  Comparative references to earnings per common 
          share (EPS) and weighted average common shares outstanding 
          have been restated to conform with the accounting change.  
          The computation of basic EPS is based upon the weighted average
          number of outstanding common shares.  The computation of diluted
          EPS 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.  EPS is calculated
          based upon net earnings available for common shareholders after
          deduction for preferred dividends. 





















<PAGE>
                                                         -9-

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 nine month periods which ended December 31, 1997 to the same periods in 
1996 and provides information with respect to changes in financial condition 
during the nine months then ended.

SALES

Total sales for the current quarter increased 16% from the same period last 
year from business at both existing and new accounts and were somewhat offset 
by a 3% unfavorable effect of foreign currency translation.  Proprietary 
chemical sales, $71.7 million, a record for any quarter, continue to 
strengthen in all regions worldwide.

For the nine month period net proprietary chemical sales and overall sales 
both increased 6%.  Foreign currency translation had a 3% unfavorable 
effect on the nine month period, as well, otherwise sales growth 
would have been 9%.

COSTS AND EXPENSES

Gross profits are up 8% for both the quarter and the six months, as compared 
to the like periods last year.  Growth was achieved with increased proprietary
sales and enhanced from the continued success of cost awareness programs.  
Gross profit as a percentage of sales has improved steadily over the like 
periods last year.

Selling, technical and administrative (ST&A) expenses were increased, 6% for 
the three month period and 2% for the nine month period, as compared to last 
year. The cost increases in the quarter, in all regions worldwide, 
predominately were direct selling expenses to support the business growth.
Operating profits for the three and nine month periods increased 11% and 20%
respectively, over the corresponding period last year.  The increased 
operating profit results from increased proprietary sales, a lesser 
increase in ST&A expenses and enhanced by margin improvement in both 
the three and nine month period.

As a result, earnings before interest, taxes, depreciation and amortization 
(EBITDA) is $49.3 million for the nine months ended December 31, 1997.  

PROVISION FOR INCOME TAXES

Ongoing tax minimization strategies have brought the effective income tax rate
to approximately 36.5% for the nine months ended December 31, 1997, down from 
40% for the same period in 1996.








<PAGE>
                                                        -10-
NET EARNINGS

Net earnings available to common shareholders increased 41% for the three 
month period and 49% for the nine month period as compared to the same 
periods last year.  Enhanced margins and cost awareness programs, as 
discussed above, coupled with lower interest expense and less preferred 
dividends as a result of the early redemption of all of the preferred stock, 
led to these improved results.  There was an approximate 3% unfavorable 
impact from foreign currency translation on both the three and nine month 
periods.


FINANCIAL CONDITION

Operating activities during the nine months ending December 31, 1997 
resulted in a net cash inflow of $25.6 million.  The cash generated was 
primarily used for purchases of 110,008 shares of the Corporation's common 
shares for a total of $7.2 million and debt repayments of $14.0 million.  
Additionally,  cash generated from operations was used for dividends to 
common shareholders and capital improvements.  Working Capital at 
December 31, 1997 was $46.9 million as compared to $46.9 million at 
March 31, 1997.

Capital expenditures were $3.2 million for the nine months ended 
December 31, 1997 and the full year total planned expenditures of 
about $7.6 million for the fiscal year remains unchanged.

MacDermid has a long-term credit arrangement which consists of a 
seven-year term loan which has a balance of $72.9 million outstanding at 
December 31, 1997, a five-year revolving credit facility which permits 
borrowings of up to $65 million, of which $49.5 million is outstanding at 
December 31, 1997, and an additional $100 million acquisition credit 
facility.  The outstanding balance on the five year revolving credit 
facility increased a net $42.3 million during the year.  

The borrowings were made:

to effect the redemption, ahead of schedule, of all of the shares of 
preferred stock issued as part payment for a 1995 acquisition;

to exercise an early buy-out of the performance premium relating to 
the same 1995 acquisition; and

for an acquisition, on September 29, 1997, of the Board Fabrication 
Division of National.  

MacDermid's other credit facilities, which presently total approximately 
$33 million, the $65 million revolving credit facility and the Corporation's 
cash flows from operations are adequate to fund working capital and expected 
capital expenditures.








<PAGE>
                                                       -11-

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.
Investors 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 certain times in certain markets.












































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                                                   -12-

PART II.  OTHER INFORMATION

ITEM 2 : Changes in the Rights of Security Holders

2.1    The following disclosure was made as of December 1995:  in the
       event that MacDermid would be in default of it's obligations with 
       respect to dividends, or redemption of the preferred shares issued 
       to Hercules Incorporated or with respect to payment of the performance
       premium, arising with the December 5, 1995 acquisition, the Corporation
       may not pay a dividend on it's common stock.

       As a result of the early redemption and full payment to Hercules 
       Incorporated for the preferred shares and a $4.5 million payment to 
       fully satisfy the performance premium, there is no longer any 
       potential restriction on the payment of a dividend on the common 
       stock of the Corporation.

ITEM 5 : Other Information

5.1    As previously reported, the Corporation on September 29, 1997 
       completed an agreement to acquire the Board Fabrication Division 
       of National.  A press release was made August 14, 1997 which first 
       reported that this acquisition enhances the Corporations leadership 
       position, in photoimaging, in the Printed Circuit market.  However, 
       it is not expected to have a material impact on the immediate future 
       earnings of the Corporation.  The new business has been aggregated 
       with the existing domestic businesses beginning October 1997.

5.2    On December 1, 1997 there was a special meeting of shareholders held 
       at Corporate Headquarters.  The following matters were approved:

       amending MacDermid's Restated Certificate of Incorporation to 
       increase the authorized number of shares of MacDermid's common stock 
       from 20 million to 75 million; and

       amending MacDermid's Restated Certificate of Incorporation to provide
       for written shareholder action by less than unanimous consent pursuant
       to the provisions of Section 33-698 of the Connecticut Business 
       Corporation Act.

5.3    The Corporation has filed original listing application paperwork with 
       the New York Stock Exchange (NYSE) for the purposes of listing on the
       NYSE and expects the Corporations' shares will be trading on NYSE by
       the end of February, as announced with a February 6, 1998 press 
       release.


ITEM 6 : Exhibits and Reports on Form 8-K

None.









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                                                         -13-




                             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:  February 12, 1998                    Daniel H. Leever
                                            Daniel H. Leever
                                          Chief Executive Officer
                                      



Date: February 12, 1998                     Arthur J. LoVetere, Jr.
                                            Arthur J. LoVetere, Jr.
                                                 Vice President
                                    



Date: February 12, 1998                     Gregory M. Bolingbroke
                                            Gregory M. Bolingbroke
                                             Corporate Controller