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 JUNE 30, 1997      Commission File Number 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 June 30, 1997 was
2,617,584.

<PAGE>

<TABLE>
PART I - FINANCIAL INFORMATION
BALANCE SHEETS (UNAUDITED)
MLX CORP. 

                                                                                    June 30            December 31
                                                                                      1997                 1996
<S>                                                                                <C>                  <C>
ASSETS

CURRENT ASSETS:
        Cash and cash equivalents                                                  $ 36,216             $ 37,927
        Prepaid expenses                                                                  4                   46
                                                                                   --------             --------
           TOTAL CURRENT ASSETS                                                      36,220               37,973

EQUIPMENT AND OTHER ASSETS                                                                3                    4

TAX ESCROW FUNDS                                                                      1,490                1,454
                                                                                   --------             --------
TOTAL ASSETS                                                                       $ 37,713             $ 39,431
                                                                                   ========             ========
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
        Accrued compensation and benefits                                          $    147             $    103
        Other accrued liabilities and expenses                                          301                  280 
        Accrued taxes                                                                   262                  286
                                                                                   ---------            --------
TOTAL CURRENT LIABILITIES                                                               710                  669 

OTHER LONG-TERM LIABILITIES                                                           2,019                1,998 

SHAREHOLDERS' EQUITY
        Common stock, $.01 par value - 
             authorized 38,500,000 shares; 2,618,000 shares outstanding 
             in 1997 and 1996                                                            26                   26

        Capital in excess of par value                                               73,165               73,165
        Retained earnings deficit                                                   (38,207)             (36,427)
                                                                                   --------             -------- 
           TOTAL SHAREHOLDERS' EQUITY                                                34,984               36,764
                                                                                   --------             -------- 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                         $ 37,713             $ 39,431
                                                                                   ========             ========
</TABLE>
Dollars in thousands
See notes to financial statements

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

        General and administrative expenses                                            (468)               (536)
        Stock Appreciation Rights compensation                                       (2,225)                 --
                                                                                    -------             -------
OPERATING LOSS                                                                       (2,693)               (536)

        Interest income                                                                 913                 924
                                                                                    -------             -------
EARNINGS (LOSS) BEFORE INCOME TAXES                                                  (1,780)                388

PROVISION FOR INCOME TAXES:
        Federal income taxes due and payable                                             --                  (7)
        Charge in lieu of federal income taxes                                           --                (132)
                                                                                    -------             -------
NET EARNINGS (LOSS)                                                                 $(1,780)            $   249
                                                                                    =======             =======
EARNINGS (LOSS) PER SHARE                                                           $ (0.68)            $  0.09
                                                                                    =======             =======
AVERAGE OUTSTANDING COMMON SHARES AND DILUTIVE OPTIONS                                2,618               2,746
                                                                                    =======             =======
</TABLE>

Dollars in thousands, except per share data
See notes to financial statements
<PAGE>
<TABLE>
STATEMENTS OF OPERATIONS (UNAUDITED)
MLX CORP. 
                                                                                      For the Quarter Ended
                                                                                              June 30
                                                                                     1997                1996
<S>                                                                                 <C>                 <C>
NET SALES                                                                           $   --              $   --

        General and administrative expenses                                           (226)               (256)
                                                                                    ------              ------
OPERATING LOSS                                                                        (226)               (256)

        Interest income                                                                454                 464
                                                                                    ------              ------
EARNINGS BEFORE INCOME TAXES                                                           228                 208

PROVISION FOR INCOME TAXES:
        Federal income taxes due and payable                                            --                  (4)
        Charge in lieu of federal income taxes                                          --                 (71)
                                                                                    ------              ------
NET EARNINGS                                                                        $  228              $  133
                                                                                    ======              ======
EARNINGS PER SHARE                                                                  $ 0.09              $ 0.05
                                                                                    ======              ======
AVERAGE OUTSTANDING COMMON SHARES AND DILUTIVE OPTIONS                               2,643               2,755
                                                                                    ======              ======
</TABLE>

Dollars in thousands, except per share data
See notes to financial statements
<PAGE>
<TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
MLX CORP.  

                                                                                      For the Six Months Ended
                                                                                               June 30
                                                                                      1997                1996
<S>                                                                                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
        Net earnings (loss)                                                         $(1,780)            $   249
        Adjustments to reconcile net earnings (loss) to net cash (used in)
           provided by operating activities:
            Charge in lieu of federal income taxes                                       --                 132
            Change in operating assets and liabilities:
              Prepaid expenses                                                           42                 100
              Accrued expenses and other                                                 63                  71
                                                                                    -------             -------
Net cash (used in) provided by operating activities                                  (1,675)                552
                                                                                    -------             -------
CASH FLOWS FROM INVESTING ACTIVITIES:
        Increase in escrow funds for warranties and taxes                               (36)               (133)
                                                                                    -------             -------
Net cash used in investing activities                                                   (36)               (133)
                                                                                    -------             -------
CASH FLOWS FROM FINANCING ACTIVITIES:
        Stock options exercised                                                          --                  26
                                                                                    -------             -------
Net cash provided by financing activities                                                --                  26
                                                                                    -------             -------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                 (1,711)                445

Cash and cash equivalents at January 1                                               37,927              32,903
                                                                                    -------             -------
CASH AND CASH EQUIVALENTS AT JUNE 30                                                $36,216             $33,348
                                                                                    =======             =======
SUPPLEMENTAL CASH FLOW DISCLOSURE:
    Federal taxes paid on income                                                    $     2             $    25
</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
as of  June 30, 1997 and December 31, 1996 and the results of
operations for the quarters and six months ended June 30, 1997 and
1996 and cash flows for the six months ended June 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 six months ended June 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 June 30             Six months ended June 30
                                                               1997          1996                 1997            1996
<S>                                                           <C>           <C>                 <C>              <C>
Net earnings (loss)                                           $ 228         $ 133               $(1,780)         $ 249
Charge in lieu of federal income 
        taxes which is not accruable or payable                  --            71                    --            132
                                                              -----         -----               -------          -----
Total earnings (loss)                                         $ 228         $ 204               $(1,780)         $ 381
                                                              =====         =====               =======          =====
Total earnings (loss) per share                               $0.09         $0.07               $ (0.68)         $0.14
                                                              =====         =====               =======          =====
</TABLE>
Note B - 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 disbursed in February
1997.  The compensation expense from this transaction is reported in
the accompanying statement of operations for the six months ended June
30, 1997.  After this event, the Company's employees have outstanding
options to purchase 50,000 shares of common stock.


<PAGE>
Note C - 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, 1997.  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 pursuing the acquisition of new businesses 
where purchase valuations are attractive but no binding agreements
have been entered into for any such acquisitions.
 
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.

If MLX has not entered into a binding agreement to acquire an
operating business by December 31, 1997, MLX expects to have to
register under the Act and will 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 June 30, 1997, the Registrant had 
working capital of $35.5 million, consisting principally of cash and 
short-term investments of $36.2 million, and estimated short-term 
obligations for income taxes, transaction expenses and compensation of 
$0.7 million.  The Company's short-term investments at June 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.

<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 27* - Financial Data Schedule

               (b)  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: August 1, 1997                            MLX Corp
                                        (Registrant)

                                        BY:  /s/ THOMAS C. WAGGONER
                                        Thomas C. Waggoner
                                        Chief Executive Officer and
                                        President