FORM 10-Q

                 SECURITIES AND EXCHANGE COMMISSION

                       Washington, D.C. 20549


(Mark One)

[ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended               June 30, 1997          

                                 OR

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                  

Commission File Number                   1-7211                    

                        IONICS, INCORPORATED               
       (exact name of registrant as specified in its charter)

         MASSACHUSETTS                            04-2068530        
 (State or other jurisdiction of                (I.R.S. Employer
  incorporation or organization)                 Identification No.)


         65 Grove Street, Watertown, Massachusetts 02172            
              (Address of principal executive offices)
                             (Zip Code)

                        (617) 926-2500                              
        (Registrant's telephone number, including area code)

                                 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
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 June 30, 1997  
 Common Stock, Par Value $1               15,943,997 Shares





                        IONICS, INCORPORATED

                            FORM 10-Q FOR

                     QUARTER ENDED JUNE 30, 1997

                                INDEX




                                                             Page No.

Part I  - Financial Information


          Consolidated Statements of Operations                  2


          Consolidated Balance Sheets                            3


          Consolidated Statements of Cash Flows                  4


          Notes to Consolidated Financial Statements             5


          Management's Discussion and Analysis of Results
          of Operations and Financial Condition                  7




Part II - Other Information                                     10


          Signatures                                            12


          Exhibit Index                                         13


          Exhibit 11 - Computation of Earnings Per Share        14 


          Exhibit 27 - Financial Data Schedule         (for electronic
                                                        purposes only)


                                - 1 -




<TABLE>

                        PART I - FINANCIAL INFORMATION


                             IONICS, INCORPORATED
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
               (Amounts in thousands, except per share amounts)
<CAPTION>

                                           Three Months Ended     Six Months Ended
                                                June 30,               June 30,     
                                             1997       1996       1997        1996 
<S>                                        <C>        <C>        <C>         <C>
Net revenue:
  Membranes and related equipment          $ 37,454   $34,639    $ 77,287    $ 73,261
  Water, food and chemical supply            31,562    24,512      61,715      48,292
  Consumer products                          18,095    15,751      35,211      31,192
                                             87,111    74,902     174,213     152,745
Costs and expenses:
  Cost of membranes and related equipment    26,079    24,003      53,879      52,194
  Cost of water, food and chemical supply    22,648    16,362      44,112      32,090
  Cost of consumer products                   9,772     8,565      19,555      17,378
  Research and development                    1,282     1,199       2,584       2,445
  Selling, general and administrative        16,717    15,488      33,228      30,455
                                             76,498    65,617     153,358     134,562
Income from operations                       10,613     9,285      20,855      18,183
Interest income                                 274       432         562         745
Interest expense                               (227)     (316)       (463)       (453)
Equity income                                   192       143         301         219
Income before income taxes                   10,852     9,544      21,255      18,694
Provision for income taxes                    3,583     3,104       7,014       6,169
Net income                                 $  7,269   $ 6,440    $ 14,241    $ 12,525
Earnings per share                         $    .44   $   .40    $    .87    $    .78
Shares used in earnings per 
 share calculations                          16,448    16,097      16,426      16,041


The accompanying notes are an integral part of these financial statements.
</TABLE>
                                          -2-


<TABLE>
                            IONICS, INCORPORATED
                         CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)
                  (Dollars in thousands, except par value)
<CAPTION>
                                                             June 30,  December 31,
                                                               1997        1996    
<S>                                                          <C>         <C>
ASSETS                                               
Current assets:
  Cash and cash equivalents                                  $ 20,466    $ 12,269
  Notes receivable, current                                     3,533       3,496
  Accounts receivable                                          88,997      91,392
  Receivables from affiliated companies                         2,985       2,999
  Inventories:                                                           
    Raw materials                                              15,549      15,028
    Work in process                                             8,544       8,120
    Finished goods                                              2,700       2,852
                                                               26,793      26,000
  Other current assets                                          5,494       8,266
       Total current assets                                   148,268     144,422
Notes receivable, long-term                                     7,914       7,737
Investments in affiliated companies                             3,011       2,908
Property, plant and equipment:                                           
  Land                                                          3,948       3,602
  Buildings                                                    32,837      33,157
  Machinery and equipment                                     241,240     233,077
  Other, including furniture, fixtures and vehicles            38,016      36,834
                                                              316,041     306,670
  Less accumulated depreciation                              (130,776)   (120,853)
                                                              185,265     185,817
Other assets                                                   37,470      37,705
       Total assets                                          $381,928    $378,589

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Notes payable and current portion 
    of long-term debt                                        $  5,654    $ 11,513
  Accounts payable                                             23,045      28,988
  Customer deposits                                             7,884       7,147
  Accrued commissions                                           2,375       2,402
  Accrued expenses                                             20,549      18,123
  Taxes on income                                               4,859           -
       Total current liabilities                               64,366      68,173
Long-term debt and notes payable                                   85       2,132
Deferred income taxes                                           8,742      14,422
Other liabilities                                               1,297       1,645
Stockholders' equity:
  Common stock, par value $1, 30,000,000 authorized shares;
  issued: 15,943,997 in 1997 and 15,823,205 in 1996            15,944      15,823
  Additional paid-in capital                                  153,055     149,337
  Retained earnings                                           144,469     130,228
  Cumulative translation adjustments                           (5,724)     (2,811)
  Unearned compensation                                          (306)       (360)
       Total stockholders' equity                             307,438     292,217
       Total liabilities and stockholders' equity            $381,928    $378,589

The accompanying notes are an integral part of these financial statements.
</TABLE>
                                        -3-



<TABLE>
                             IONICS, INCORPORATED
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                            (Dollars in thousands)
<CAPTION>
                                                               Six Months Ended
                                                                    June 30,       
                                                               1997        1996  
<S>                                                          <C>         <C>
Operating activities:
  Net income                                                 $14,241     $12,525
  Adjustments to reconcile net income to net cash
  provided by operating activities:
     Depreciation and amortization                            13,881      12,364
     Provision for losses on accounts and notes receivable       784         329
     Compensation expense on restricted stock awards              54          54
     Changes in assets and liabilities:                                  
        Notes receivable                                      (1,151)       (510)
        Accounts receivable                                      592      (2,586)
        Inventories                                             (894)     (2,023)
        Other current assets                                   2,774         278
        Investments in affiliates                               (103)        372
        Accounts payable and accrued expenses                 (2,033)     (3,999)
        Income taxes                                           2,758       4,319
        Other                                                   (509)        686
           Net cash provided by operating activities          30,394      21,809
Investing activities:                                                    
  Additions to property, plant and equipment                 (16,093)    (30,525)
           Net cash used by investing activities             (16,093)    (30,525)
Financing activities:                                                    
  Principal payments on current debt                          (7,847)     (3,541)
  Proceeds from issuance of current debt                         207      16,984
  Principal payments on long-term debt                           (28)     (2,418)
  Proceeds from stock option plans                             1,954       1,639
           Net cash (used)/provided by financing activities   (5,714)     12,664
Effect of exchange rate changes on cash                         (390)        (39)
Net change in cash and cash equivalents                        8,197       3,909
Cash and cash equivalents at beginning of period              12,269       9,479
Cash and cash equivalents at end of period                   $20,466     $13,388

The accompanying notes are an integral part of these financial statements.
</TABLE>
                                      -4-



                        IONICS, INCORPORATED

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. In the opinion of the Company, the accompanying consolidated
   financial statements contain all adjustments (consisting of only
   normal, recurring accruals) necessary to present fairly the
   consolidated financial position of the Company as of June 30, 1997
   and December 31, 1996, the consolidated results of its operations
   for the three and six months ended June 30, 1997 and 1996 and the
   consolidated cash flows for the six months then ended.

2. The consolidated results of operations of the Company for the three
   and six months ended June 30, 1997 and 1996 are not necessarily
   indicative of the results of operations to be expected for the full
   year.

3. Reference is made to the Notes to Consolidated Financial Statements
   appearing in the Company's 1996 Annual Report as filed on Form 10-K
   with the Securities and Exchange Commission.  There have been no
   significant changes in the information reported in those Notes,
   other than from the normal business activities of the Company, and
   there have been no changes which would, in the opinion of
   Management, have a materially adverse effect upon the Company.

4. Certain prior year amounts have been reclassified to conform to the
   current year presentation with no impact on net income.

5. In 1997, the Financial Accounting Standards Board ("FASB") released
   Statement of Financial Accounting Standards No. 128 ("SFAS128"),
   "Earnings per Share."  SFAS128 simplifies the standards for
   computing earnings per share ("EPS") and makes them comparable to
   international EPS standards.  It replaces the presentation of
   primary EPS with a presentation of basic EPS.  It also requires
   dual presentation of basic and diluted EPS on the face of the
   income statement for all entities with complex capital structures
   and requires a reconciliation of the numerator and denominator of
   the basic EPS computation to the numerator and denominator of the
   diluted EPS computation.  SFAS128 is effective for financial
   statements issued for periods ending after December 15, 1997,
   including interim periods.  SFAS128 requires restatement of all
   prior-period EPS data presented.  Neither basic nor diluted EPS
   computed in accordance with SFAS128 would be materially different
   from the Company's primary EPS presented in the financial
   statements.

   In 1997, the FASB released Statement of Financial Accounting
   Standards No. 130 ("SFAS130"), "Reporting Comprehensive Income."
   SFAS130 establishes standards for reporting and display of
   comprehensive income and its components (revenues, expenses, gains,
   and losses) in a full set of general-purpose financial statements.
   SFAS130 is effective for fiscal years beginning after December 15,
   1997.  This Statement is a disclosure-only statement.

                                 -5-




   Also in 1997, the FASB released Statement of Financial Accounting
   Standards No. 131 ("SFAS131"), "Disclosures About Segments of an
   Enterprise and Related Information."  SFAS131 establishes standards
   for the way that public business enterprises report information
   about operating segments in annual financial statements and
   requires that those enterprises report selected information about
   operating segments in interim financial statements.  It also
   establishes standards for related disclosures about products and
   services, geographic areas, and major customers.  SFAS131 is
   effective for fiscal years beginning after December 15, 1997.  This
   Statement is a disclosure-only statement.





































                                 -6-





               MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Results of Operations

Comparison of the Three and Six Months Ended June 30, 1997 with the
Three and Six Months Ended June 30, 1996

Revenues for the second quarter of 1997 increased 16.3% to $87.1
million from $74.9 million in 1996.  Revenues for the six-month period
increased 14.1% to $174.2 million from $152.7 million in the
comparable period in 1996.  Revenues were higher in all three business
segments for both the three and six-month periods.  The largest
increase in revenues for both the second quarter and the six-month
period was in the Water, Food and Chemical Supply segment.

Revenues from the Membranes and Related Equipment segment grew in both
the second quarter and the six-month period due primarily to
continuing strength in the sale of ultrapure water systems,
particularly to the semiconductor industry.  In addition, sales of
instrumentation and water desalting equipment increased during both
periods.  This increase was partially offset by a decline in revenues
from the sale of wastewater equipment during both periods.

Revenues from the Water, Food and Chemical Supply segment increased in
both periods due primarily to the continuing growth of the ultrapure
water supply business.  Revenue growth also occurred in the food
processing business due to the acquisition of Separation Technology,
Inc. (STI) in July 1996.  

Consumer Products revenues increased during both periods, reflecting
higher revenues from bottled water and home water conditioners.
During the six-month period, revenues from the sales of automobile
windshield wash solution decreased as a result of the relatively mild
winter in the northeastern United States.

Cost of sales as a percentage of revenues for the second quarter was
67.2% in 1997 and 65.3% in 1996.  For the six-month period, cost of
sales as a percentage of revenues was 67.5% in 1997 and 66.6% in 1996.

In the Membranes and Related Equipment segment, cost of sales
increased slightly for the second quarter due primarily to increased
competitive pressure within the water desalting and related equipment
business.  For the six-month period, cost of sales as a percentage of
revenues decreased due to improvements in the mix of contracts in the
ultrapure equipment, wastewater and instrumentation businesses.

The increase in the cost of sales as a percentage of revenues during
both periods in the Water, Food and Chemical Supply segment resulted
primarily from changes in the mix of revenues from contracts within
the ultrapure water supply business.  The increase also reflected the
acquisition of STI, whose manufacturing costs do not yet reflect the
synergies we believe will be available through continued integration
with other businesses.  Cost of sales in the Water, Food and Chemical
Supply segment also increased due to continued competitive pressure
within the industrial bleach market in the United Kingdom.

                                 -7-




Operating expenses as a percentage of revenues decreased during the
second quarter to 20.7% in 1997 from 22.3% in 1996.  For the six-month
period, operating expenses as a percentage of revenues decreased to
20.6% in 1997 from 21.5% in 1996.  The improvement during both periods
reflected higher absorption of relatively fixed operating costs by
increased sales volume.

Interest expense decreased in the second quarter due to lower
borrowings outstanding.  The increase in interest expense for the six-
month period resulted from a reduction in the amount of capitalized
interest costs.

Interest income decreased for the second quarter and six-month period
due primarily to lower average interest rates and foreign exchange
fluctuations.

Financial Condition

Working capital increased by $7.7 million during the first six months
of 1997 and the current ratio increased to 2.3 at June 30, 1997 from
2.1 at December 31, 1996.  Cash provided from net income and
depreciation totaled $28.1 million during the first six months of 1997
while the primary uses of cash were for additions to property, plant
and equipment and principal payments on current debt.  Significant
capital expenditures were incurred to support growth in bottled water
operations, trailers and other "own and operate" facilities.

At June 30, 1997, the Company had $20.5 million in cash and cash
equivalents, an increase of $8.2 million from December 31, 1996.  In
addition, short-term borrowings decreased by $5.9 million during the
same period.  The Company believes that its cash and cash equivalent
balances, cash from operations, lines of credit and foreign exchange
facilities are adequate to meet its currently anticipated needs.

Recent Accounting Pronouncements

In 1997, the Financial Accounting Standards Board ("FASB") released
Statement of Financial Accounting Standards No. 128 ("SFAS128"),
"Earnings per Share."  SFAS128 simplifies the standards for computing
earnings per share ("EPS") and makes them comparable to international
EPS standards.  It replaces the presentation of primary EPS with a
presentation of basic EPS and requires dual presentation of basic and
diluted EPS on the face of the income statement.  SFAS128 is effective
for financial statements issued for periods ending after December 15,
1997, including interim periods.  Neither basic nor diluted EPS
computed in accordance with SFAS128 would be materially different from
the Company's primary EPS presented in the financial statements.


                                 -8-



In 1997, the FASB released Statement of Financial Accounting Standards
No. 130 ("SFAS130"), "Reporting Comprehensive Income."  SFAS130
establishes standards for reporting and display of comprehensive
income and its components (revenues, expenses, gains, and losses) in a
full set of general-purpose financial statements.  SFAS130 is
effective for fiscal years beginning after December 15, 1997.  This
Statement is a disclosure-only statement.

Also in 1997, the FASB released Statement of Financial Accounting
Standards No. 131 ("SFAS131"), "Disclosures About Segments of an
Enterprise and Related Information."  SFAS131 establishes standards
for the way that public business enterprises report information about
operating segments in annual financial statements and requires that
those enterprises report selected information about operating segments
in interim financial statements.  It also establishes standards for
related disclosures about products and services, geographic areas, and
major customers.  SFAS131 is effective for fiscal years beginning
after December 15, 1997.  This Statement is a disclosure-only
statement.

Forward-Looking Information

The Company's future results of operations, as well as statements
contained in this Management's Discussion and Analysis which are
forward-looking statements, depend upon a number of factors that could
cause actual results to differ materially from management's current
expectations.  Among these factors are business conditions and the
general economy; competitive factors, such as acceptance of new
products and price pressures; risk of nonpayment of accounts
receivable; risks associated with foreign operations; and regulations
and laws affecting business in each of the Company's markets.



















                                 -9-





                     PART II - OTHER INFORMATION




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

(a)  The Annual Meeting of Stockholders was held on May 8, 1997.

(b)  Arnaud de Vitry d'Avaucourt, William E. Katz and Mark S. Wrighton
     were re-elected as Class II Directors for a three-year term, and
     Daniel I.C. Wang was newly elected as a Class II Director for a
     three-year term.  Continuing as Class III Directors until the
     1998 Annual Meeting are William L. Brown, Robert B. Luick, John
     J. Shields and Allen S. Wyett.  Continuing as Class I Directors
     until the 1999 Annual Meeting are Douglas R. Brown, Arthur L.
     Goldstein and Carl S. Sloane.

     Each of the Class II Directors received at least the following
     votes "for" election and no more than the following votes
     withheld:

           Votes for:           13,679,772
           Votes withheld:      112,113

(c)  The other matters submitted for stockholder approval were: 

     (i)   Approval and adoption of the Ionics, Incorporated 1997 Stock
           Incentive Plan, which replaces the 1979 Stock Option Plan as the
           primary employee stock incentive plan.

           Votes for:           9,489,811
           Votes against:       1,338,449
           Abstentions and
            broker non-votes:   2,963,625

     (ii)  Approval of an amendment to the Corporation's 1986 Stock Option
           Plan for Non-employee Directors to provide for limited
           transferability of options granted under such Plan.

           Votes for:           13,038,797
           Votes against:       637,865
           Abstentions and
            broker non-votes:   115,223

     (iii) The selection of Coopers & Lybrand L.L.P. as the Company's
           auditors for 1997.

           Votes for:           13,729,678
           Votes against:       30,099
           Abstentions and
            broker non-votes:   32,107

                                   -10-





Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     Exhibit 11- Computation of Earnings Per Share (included on Page 14 of
     this report).

(b)  Reports on Form 8-K

     No reports on Form 8-K were filed with the Securities and Exchange
     Commission during the quarter ended June 30, 1997.  

     All other items reportable under Part II have been omitted as
     inapplicable or because the answer is negative, or because the
     information was previously reported to the Securities and Exchange
     Commission.
































                                   -11-






                           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.



                                       IONICS, INCORPORATED



Date:   August 14, 1997        By: /s/Arthur L. Goldstein            
                                         Arthur L. Goldstein
                                         Chairman and 
                                         Chief Executive Officer
                                         (duly authorized officer)



Date:   August 14, 1997        By: /s/Robert J. Halliday             
                                         Robert J. Halliday
                                         Vice President, Finance and
                                         Chief Financial Officer



















 
                                -12-








                            EXHIBIT INDEX

                                                          
                                                          Sequential
Exhibit                                                   Page No.  

11. Computation of Earnings Per Share                          15

27. Financial Data Schedule                               (for electronic
                                                           purposes only)



































                                  -13-