CONFORMED
                                  
                 SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C.  20549
                                  
                              FORM 10-Q
                                  
         Quarterly Report Under Section 13 or 15(d) of the 
                   Securities Exchange Act of 1934


For the Quarter ended                           Commission File Number
 SEPTEMBER 30, 1997                                       I-4795

                              MLX CORP.
       (Exact name of registrant as specified in its charter)



             GEORGIA                                   38-0811650
(State or other jurisdiction of                     (I.R.S. Employer 
incorporation or organization)                     Identification No.)

1000 CENTER PLACE, NORCROSS, GEORGIA                      30093
(Address of principal executive offices)                (Zip Code) 

Registrant's telephone number, including area code     (770) 798-0677

Indicate by check mark whether the Registrant (1) has filed all
reports to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or such shorter period
that the Registrant was required to file such reports), and (2) has
been subject to such filing requirement for the past 90 days.  Yes XX 
No ___    

The number of shares outstanding of the Registrant's Common Stock, par
value $.01, as of the close of business on September 30, 1997 was
2,617,584.
<PAGE>


PART I - FINANCIAL INFORMATION
BALANCE SHEETS (UNAUDITED)
MLX CORP. 
<TABLE>
                                                                         September 30         December 31
                                                                             1997                 1996
<S>                                                                        <C>                  <C>
ASSETS

CURRENT ASSETS:
        Cash and cash equivalents                                          $36,490              $37,927
        Prepaid expenses                                                        19                   46
                                                                           -------              -------
            TOTAL CURRENT ASSETS                                            36,509               37,973

EQUIPMENT AND OTHER ASSETS                                                       2                    4

TAX ESCROW FUNDS                                                             1,509                1,454
                                                                           -------              -------
TOTAL ASSETS                                                               $38,020              $39,431
                                                                           =======              =======
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
        Accrued compensation and benefits                                  $   150              $   103
        Other accrued liabilities and expenses                                 340                  280
        Accrued taxes                                                          262                  286
                                                                           -------              -------
           TOTAL CURRENT LIABILITIES                                           752                  669

OTHER LONG-TERM LIABILITIES                                                  2,030                1,998

SHAREHOLDERS' EQUITY
        Common stock, $.01 par value - 
             authorized 38,500,000 shares; 2,618,000 shares outstanding         26                   26

        Capital in excess of par value                                      73,165               73,165 
        Retained earnings deficit                                          (37,953)             (36,427)
                                                                           -------              -------
           TOTAL SHAREHOLDERS' EQUITY                                       35,238               36,764
                                                                           -------              -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                 $38,020              $39,431
                                                                           =======              =======
</TABLE>

Dollars in thousands
See notes to financial statements
<PAGE>

STATEMENTS OF OPERATIONS (UNAUDITED)
MLX CORP. 
<TABLE>
                                                                             For the Nine Months Ended
                                                                                   September 30
                                                                             1997                1996
<S>                                                                        <C>                  <C>
NET SALES                                                                  $    --              $   --

        General and administrative expenses                                   (698)               (806)
        Stock Appreciation Rights compensation                              (2,225)                 --
                                                                           -------              ------
OPERATING LOSS                                                              (2,923)               (806)

        Interest income                                                      1,397               1,396
                                                                           -------              ------
EARNINGS (LOSS) BEFORE INCOME TAXES                                         (1,526)                590

PROVISION FOR INCOME TAXES:
        Federal income taxes due and payable                                    --                  (12)
        Charge in lieu of federal income taxes                                  --                 (201) 
                                                                           -------              -------
NET EARNINGS (LOSS)                                                        $(1,526)             $   377
                                                                           =======              =======
EARNINGS (LOSS) PER SHARE                                                  $ (0.58)             $  0.14
                                                                           =======              =======
AVERAGE OUTSTANDING COMMON SHARES AND DILUTIVE OPTIONS                       2,618                2,751
                                                                           =======              =======
</TABLE>

Dollars in thousands, except per share data
See notes to financial statements
<PAGE>

STATEMENTS OF OPERATIONS (UNAUDITED)
MLX CORP. 
<TABLE>
                                                                              For the Quarter Ended
                                                                                  September 30
                                                                             1997                1996
<S>                                                                        <C>                  <C>
NET SALES                                                                  $    --              $    --

        General and administrative expenses                                   (230)                (270)
                                                                           -------              -------
OPERATING LOSS                                                                (230)                (270)

        Interest income                                                        484                  472
                                                                           -------              -------
EARNINGS BEFORE INCOME TAXES                                                   254                  202

PROVISION FOR INCOME TAXES:
        Federal income taxes due and payable                                    --                   (5)
        Charge in lieu of federal income taxes                                  --                  (69)
                                                                           -------              -------
NET EARNINGS                                                               $   254              $   128
                                                                           =======              =======
EARNINGS PER SHARE                                                         $  0.10              $  0.05
                                                                           =======              =======
AVERAGE OUTSTANDING COMMON SHARES AND DILUTIVE OPTIONS                       2,645                2,761
                                                                           =======              =======
</TABLE>


Dollars in thousands, except per share data
See notes to financial statements
<PAGE>

STATEMENTS OF CASH FLOWS (UNAUDITED)
MLX CORP.  
<TABLE>
                                                                            For the Nine Months Ended
                                                                                   September 30
                                                                             1997               1996
<S>                                                                        <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
        Net earnings (loss)                                                $(1,526)            $   377
        Adjustments to reconcile net earnings (loss) to net cash 
           (used in) provided by operating activities:
            Charge in lieu of federal income taxes                              --                 201
            Change in operating assets and liabilities:
               Prepaid expenses                                                 27                  62
               Accrued expenses and other                                      117                 103
                                                                           -------             -------
Net cash (used in) provided by operating activities                         (1,382)                743
                                                                           -------             -------
CASH FLOWS FROM INVESTING ACTIVITIES:
        Increase in escrow funds for warranties and taxes                      (55)               (205)
                                                                           -------             -------
Net cash used in investing activities                                          (55)               (205)
                                                                           -------             -------
CASH FLOWS FROM FINANCING ACTIVITIES:
        Stock options exercised                                                 --                  25
                                                                           -------             -------
Net cash provided by financing activities                                       --                  25
                                                                           -------             -------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                        (1,437)                563

Cash and cash equivalents at January 1                                      37,927              32,903
                                                                           -------             -------
CASH AND CASH EQUIVALENTS AT SEPTEMBER 30                                  $36,490             $33,466
                                                                           =======             =======
SUPPLEMENTAL CASH FLOW DISCLOSURE:
    Federal taxes paid on income                                           $     2             $    32
</TABLE>


Dollars in thousands
See notes to financial statements
<PAGE>

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MLX CORP. 

The financial statements have been prepared by the Registrant without
audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been omitted pursuant to
those rules and regulations. These financial statements should be read
in conjunction with the Consolidated Financial Statements and notes
thereto included in the Registrant's Annual Report on Form 10-K for
the year ended December 31, 1996.

In the opinion of the Registrant, the accompanying financial
statements contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the financial position
of the Registrant as of September 30, 1997 and December 31, 1996 and
the results of operations for the quarters and nine months ended
September 30, 1997 and 1996 and cash flows for the nine months ended
September 30, 1997 and 1996.

Note A - Income Taxes

At January 1, 1997, the Registrant had available net operating loss 
carryforwards of approximately $275 million which are available to
offset future taxable income for federal income tax purposes.
Accordingly, the Company has a federal tax liability only for
Alternative Minimum Tax amounts and the charge in lieu of federal
income taxes included in the statement of operations for the quarter
and nine months ended September 30, 1996 is not accruable or payable.
The following table illustrates the effect of this pro forma charge on
the Company's earnings and earnings per share for the respective
periods (in thousands, except per share data).

<TABLE>
                                                     Quarter Ended September 30          Nine months ended September 30
                                                        1997           1996                  1997            1996

<S>                                                    <C>            <C>
Net earnings (loss)                                    $  254         $  128               $(1,526)         $ 377
Charge in lieu of federal income 
        taxes which is not accruable or payable            --             69                    --            201
                                                       ------         ------               -------          -----
Total earnings (loss)                                  $  254         $  197               $(1,526)         $ 578
                                                       ======         ======               =======          =====
Total earnings (loss) per share                        $ 0.10         $ 0.07               $ (0.58)         $0.21
                                                       ======         ======               =======          =====
</TABLE>
Note B - Proposed Merger Transaction

On October 20, 1997, the Registrant entered into a definitive
agreement to merge with Morton Metalcraft Holding Co. ("Morton").
Morton is headquartered in Morton, Illinois and is a contract
manufacturer and supplier of high-quality fabricated sheet metal
components and subassemblies for construction, agricultural and
industrial equipment manufacturers located primarily in the Midwestern
and Southeastern United States.

The proposed merger transaction reflects an enterprise valuation of
Morton of approximately $81.1 million, which includes the issuance of
1,332,323 shares of MLX common stock , a cash payment of $20 million
to the current holders of Morton common stock and the assumption of
Morton's debt. In addition, the transaction contemplates the approval
of stock options for 667,677 shares of MLX common stock to members of
Morton management.

The merger is subject to approval by a majority of the common
shareholders of MLX and certain other customary conditions and will be
voted on at a special meeting of the MLX shareholders expected to be
held in late December 1997. If the transaction is approved by the MLX
shareholders and consummated thereafter, Morton will merge with and
into MLX, with MLX being the surviving corporation. The business and
operation of the combined companies will be substantially the same as
the business and operation of Morton prior to the merger. For
accounting and financial reporting purposes, the merger will be 
treated as a purchase by Morton of MLX.
<PAGE>


MLX prepared and filed on October 21, 1997 with the Securities and
Exchange Commission a preliminary proxy statement containing
additional information regarding the merger, including pro-forma
condensed combined financial statements. When approved, the proxy
statement will be furnished to shareholders of MLX in advance of the
special meeting.

Note C - Stock Appreciation Rights Compensation

On February 12, 1997, the Registrant's Board of Directors approved the 
conversion of all the common stock options held by its former Chief
Executive Officer to stock appreciation rights (SARs), and all such
SARs were exercised as of that date. The resulting liability under
this agreement amounted to $2.2 million and was paid in February 1997.
The compensation expense from this transaction is reported in the
accompanying statement of operations for the nine months ended
September 30, 1997. As of September 30, 1997, the Company's employees
have outstanding options to purchase 50,000 shares of common stock.

Note D - Accounting Policy Not Yet Adopted

In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, Earnings per Share, which is required to be adopted
on December 31, 1998. At that time, the Company will be required to
change the method currently used to compute earnings per share and to
restate all prior periods. Under the new requirements for calculating
primary earnings per share, the dilutive effect of stock options will
be excluded. The new standard is not expected to have a material
effect on earnings per share.

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

Basis of Discussion: The accompanying financial statements report the 
financial condition and results of operations of the Registrant only.
Since the divestiture of the S.K. Wellman subsidiary on June 30, 1995,
the Registrant has no recurring revenues or operating subsidiaries. In
the short-term, the Company has invested the proceeds of the Wellman
transaction in short-term repurchase instruments managed by selected
commercial banks. The Company is actively engaged in an acquisition
search.
 
Operations: The general and administrative expenses of the Registrant
are incurred for acquisition search, compensation, occupancy,
shareholder costs (such as printing, distribution and stock transfer
fees) and legal and professional matters.

The Company considers its business to be that of seeking to acquire an 
operating business that meets its financial acquisition criteria. 
Accordingly, the Company believes that it is not an investment company
as defined by the Investment Company Act of 1940 (the "Act") and
prepared and submitted an application in 1996 to the Securities and
Exchange Commission (the "Commission") requesting an exemption from
certain provisions of the Act until December 31, 1997. On May 19,
1997, the Commission issued an exemptive order pursuant to Sections
6(c) and 6(e) of the Act, which exempts MLX from all provisions of the
Act except Sections 9, 17(a), 17(d) (modified as described in the
application), 17(e), 17(f) (modified as described in the application),
and 36 through 53, through December 31, 1997. MLX and other persons,
in their transactions and relations with MLX, are subject to such 
excepted sections of the Act as if MLX were a registered investment
company under the Act. The implementation of the exemptive order did
not require MLX to change or modify any of its existing practices or
policies. 

On October 27, 1997, MLX submitted a new application, identical to the 
existing one, asking for an extension of the exemptive period through 
December 31, 1998. This new application was prepared and filed as a 
precautionary measure in case the Morton acquisition is not completed
by December 31, 1997.
<PAGE>

If MLX has not entered into a binding agreement to acquire an
operating business or completed the proposed Morton transaction by
December 31, 1997, MLX could be required to register under the Act and
would thereafter be subject to regulation thereunder. This action
would add complexity to the Company's pursuit of its acquisition
strategy, add to the administrative expenses of the Company and
fundamentally alter the presentation of the Company's financial
statements.

Liquidity and Capital Resources: At September 30, 1997, the Registrant
had working capital of $35.8 million, consisting principally of cash
and short-term investments of $36.5 million, and estimated short-term
obligations for income taxes, transaction expenses and compensation of
$0.8 million. The Company's short-term investments at September 30,
1997 consisted principally of repurchase arrangements collateralized
by U.S. Treasury and federal agency obligations.

In connection with the sale of Wellman in 1995, the Company funded an
escrow fund amounting to $1.3 million relating to certain estimated
income tax obligations arising from the sale.

The Company's common stock is quoted on the OTC Electronic Bulletin
Board under the trading symbol "MLXR."

The Registrant believes that its current financial resources are
adequate to meet its projected operating needs in 1997.

Proposed Merger Transaction: On October 20, 1997, the Company entered
into a definitive agreement to merge with Morton Metalcraft Holding
Co. ("Morton"), a contract manufacturer and supplier of fabricated
sheet metal components and subassemblies to original equipment
manufacturers in the construction, agricultural and industrial
equipment industries. The transaction is subject to approval by a
majority of MLX common shareholders and reflects an enterprise
valuation of Morton of approximately $81.1 million. If the proposal is
approved and consummated, the business and operations of the 
combined companies will be substantially the same as that of Morton
prior to the merger.
<PAGE>


PART II - OTHER INFORMATION

Item 1.              Legal Proceedings

                     None.

Item 2.              Changes in Securities

                     None.

Item 3.              Default Upon Senior Securities

                     None.

Item 4.              Submission of Matters to a Vote of Security
                     Holders

                     None.

Item 5.              Other Information

                     None.

Item 6.              Exhibits and Reports on Form 8-K

                     (a)  Exhibit 10.1 - Agreement and Plan of Merger 
                          dated October 20, 1997 (incorporated herein
                          by reference to the Registrant's Proxy
                          Statement filed with the Commission on
                          October 21, 1997)

                     (b)  Exhibit 10.2* - Securities Purchase
                          Agreement dated October 20, 1997

                     (c)  Exhibit 27* - Financial Data Schedule

                     (d)  Reports on Form 8-K:
                          None

*Filed with this report.
<PAGE>

                             SIGNATURES

Pursuant to the requirements of Securities Exchange Act of 1934, the 
Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.

Date:   NOVEMBER 7, 1997                    MLX CORP


                                                                       
                                   BY: /S/THOMAS C. WAGGONER
                                   Thomas C. Waggoner
                                   Chief Executive Officer and
                                   President
<PAGE>