FORM 10-Q
                                
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                                
                                
[X]  QUARTERLY  REPORT PURSUANT TO SECTION 13  OR  15(d)  OF  THE
     SECURITIES EXCHANGE  ACT OF 1934

For the quarterly period ended March 31, 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:  0-20704
                                
                     ACX TECHNOLOGIES, INC.
     (Exact name of registrant as specified in its charter)

           Colorado                          84-1208699
 (State or other jurisdiction             (I.R.S. Employer
 of incorporation or organization)       Identification No.)


 16000 Table Mountain Parkway,  Golden, Colorado      80403
     (Address of principal executive offices)       (Zip Code)

                         (303) 271-7000
      (Registrant's telephone number, including area code)

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 [  ]

There  were 27,994,301 shares of common stock outstanding  as  of
May 8, 1997.

                                
                 PART I.  FINANCIAL INFORMATION


Item 1.  Financial Statements


                         ACX TECHNOLOGIES, INC.
                     CONSOLIDATED INCOME STATEMENT
                 (In thousands, except per share data)
                                                            
                                     Three months ended
                                          March 31,         
                                     1997          1996     
                                                            
Net sales                           $173,458      $177,138  
                                                            
Costs and expenses:                                         
  Cost of goods sold                 131,860       138,478  
  Marketing, general and                                    
    administrative                    22,779        19,588
  Research and development             3,917         3,623  
  Restructuring                        2,280           ---  
    Total operating expenses         160,836       161,689  
                                                            
Operating income                      12,622        15,449  
                                                            
Other income - net                        26            17  
Interest expense - net                (1,155)       (1,606)  
                                                            
Income from continuing operations                           
  before income taxes                 11,493        13,860
Income tax expense                     4,700         5,700  
                                                            
Income from continuing operations      6,793         8,160  
                                                            
Discontinued operations:                                    
Loss from discontinued operations                           
  of Golden Aluminum Company             ---        (5,033)
                                                            
Loss on disposal of Golden                                  
  Aluminum Company                       ---       (70,000)
                                                            
Net income (loss)                     $6,793      ($66,873)  
                                                            
Net income (loss) per share of                              
  common stock:
                                                            
     Continuing operations             $0.24         $0.29  
     Discontinued operations             ---         (2.64)  
                                                            
Net income (loss) per share            $0.24        ($2.35)  
                                                            
Weighted average shares                                     
  outstanding                         28,785        28,477
                                
See Notes to Consolidated Financial Statements



                        ACX TECHNOLOGIES, INC.
                      CONSOLIDATED BALANCE SHEET
                   (In thousands, except share data)

                                         March 31,     December 31,
                                           1997            1996
ASSETS                                                  
Current assets:                                                 
  Cash and cash equivalents                $26,170       $15,671
  Accounts receivable                       81,974        71,886
  Inventories:                                                  
    Finished                                50,308        46,312
    In process                              30,848        28,837
    Raw materials                           27,495        26,371
Total inventories                          108,651       101,520
  Deferred tax asset                        11,614        18,218
  Other assets                              25,222        11,571
  Net current assets of discontinued                            
    operations                              35,532        53,052
      Total current assets                 289,163       271,918
                                                                
Properties at cost less accumulated                             
  depreciation and amortization of                                
  $243,946 in 1997 and $234,248 in 1996    250,515       244,615
Note receivable                             53,771           ---
Goodwill, net                               47,888        46,799
Other assets                                36,883        49,860
Noncurrent assets of discontinued                               
  operations                                   ---        63,500
                                                                
Total assets                              $678,220      $676,692

                                                                
LIABILITIES AND SHAREHOLDERS' EQUITY                            
Total current liabilities                 $113,476      $117,292
                                                                
Long-term debt                             100,000       100,000
Accrued postretirement benefits             28,539        27,890
Other long-term liabilities                 18,841        19,002
  Total liabilities                        260,856       264,184
Minority interest                           13,129        14,605
                                                                
Shareholders' equity
Preferred stock, non-voting, $0.01 par                          
  value, 20,000,000 shares authorized                         
  and no shares issued or outstanding          ---           ---
Common stock, $0.01 par value                                   
  100,000,000 shares authorized and                               
  27,974,000 and 27,934,000 issued and                            
  outstanding at March 31, 1997, and                              
  December 31, 1996                            280           279
Paid-in capital                            444,106       443,302
Retained earnings (deficit)                (40,478)      (47,271)
Cumulative translation adjustment and                           
  other                                        327         1,593
    Total shareholders' equity             404,235       397,903
Total liabilities and shareholders'                             
  equity                                  $678,220      $676,692

See Notes to Consolidated Financial Statements
                                
                                
                                
                         ACX TECHNOLOGIES, INC.
                  CONSOLIDATED STATEMENT OF CASH FLOWS
                             (In thousands)
                                                              
                                          Three months ended
                                               March 31,
                                           1997         1996
                                                              
Cash flows from operating activities:                         
  Net income (loss)                        $6,793     ($66,873)
  Adjustments to reconcile net income                         
    to net cash provided by (used in)                       
    operating activities:
      Loss on disposal of discontinued                        
        operations, net of tax                ---       70,000
      Depreciation and amortization        10,482       13,015
      Change in deferred income taxes      16,137          116
      Change in accrued postretirement                        
        benefits                              649          229
      Change in current assets and                            
        current liabilities               (20,214)     (28,724)
      Change in deferred items and                            
        other                               1,205         (529)
                                                              
      Net cash provided by (used in)                          
        operating activities               15,052      (12,766)
                                                              
Cash flows used in investing                                  
  activities:                              (5,285)     (23,298)
Cash flows provided by financing                              
  activities:                                 732          394
                                                              
Cash and cash equivalents:                                    
  Net increase (decrease) in cash and                         
    cash equivalents                       10,499      (35,670)
  Balance at beginning of period           15,671       52,686
  Balance at end of period                $26,170      $17,016

See Notes to Consolidated Financial Statements



             ACX TECHNOLOGIES, INC. AND SUBSIDIARIES
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.  Discontinued Aluminum Operations

On  March  1,  1997, the sale of Golden Aluminum Company  (Golden
Aluminum) was completed for $70 million, of which $10 million was
paid  at  closing and $60 million is due within  two  years.   In
accordance  with  the purchase agreement, the purchaser  has  the
right to sell Golden Aluminum back to the Company during the  two
year  period  in  discharge of the $60 million  obligation.   The
initial  payment of $10 million is non-refundable.   The  working
capital,  which  was  not part of the sales agreement,  is  being
liquidated during the first half of 1997.

Summarized results of discontinued operations are as follows:

                                 Three months ended
                                     March 31,
                                 1997          1996
                               (In thousands, except
                                 per share amounts)
                                            
Net sales                     $38,526       $32,693
                                            
Loss from operations before                 
  income taxes                    ---       ($8,033)
                                            
Income tax benefit                ---         3,000
                                            
Net loss from operations          ---       ($5,033)
                                            
Loss per common share             ---        ($0.18)
                                            
Loss on disposal before                     
  income taxes                    ---      ($92,000)
                                            
Loss on operations during                   
  disposition period before                   
  income taxes                    ---       (18,000)
                                            
Income tax benefit                ---        40,000
                                            
Net loss on disposal of                     
  discontinued operations         ---      ($70,000)
                                            
Loss per common share             ---        ($2.46)

The historical operating results and the loss on the sale of this
business have been segregated as discontinued operations for  all
periods  presented  in  the consolidated income  statement.   The
remaining  assets  and  liabilities  held  for  sale  have   been
separately  identified  as  net current  assets  of  discontinued
operations,  which consist primarily of accounts  receivable  and
inventory,  partially offset by accounts payable.  The noncurrent
assets  reported  in  the  December 31, 1996  balance  sheet  are
composed  primarily of the fixed assets of Golden Aluminum  which
were  subsequently  sold  on  March 1,  1997.   The  consolidated
statement   of  cash  flows  has  not  been  restated   for   the
discontinued operation and, therefore, includes sources and  uses
of cash for Golden Aluminum's operations.


Note 2.  Restructuring Charges

During  the first quarter of 1997, the Company adopted a plan  to
exit the high-fructose corn syrup business and recorded severance
and  exit  costs of $2.3 million in conjunction with  this  plan.
Severance and outplacement costs of $0.8 million will be paid  in
the  second  quarter  of  1997  to  eliminate  approximately   70
positions  held  primarily  by manufacturing  and  administrative
employees.   The  remaining charge of  $1.5  million  relates  to
various  exit costs which the Company expects to pay  during  the
remainder of 1997.

During   the  fourth  quarter  of  1996,  the  Company   recorded
restructuring  charges of $2.4 million related to  operations  at
Golden    Technologies.    During   the   1997   first   quarter,
approximately $0.2 million was paid in cash with respect to  this
charge.   Of the remaining expected cash outlay of $1.8  million,
approximately $1.4 million is expected to be paid in  the  second
quarter  of 1997 with the remainder to be paid during the balance
of 1997.


Note 3.  Adoption of New Accounting Standards

Financial Accounting Standards No. 128, "Earnings per Share", was
issued  in  February, 1997.  The adoption of this new  accounting
standard, which is required on December 31, 1997, will result  in
the  restatement of earnings per share for all periods presented.
Based on management's estimates, the adoption of this standard is
not expected to have a material effect on the Company's financial
statements.



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

General Business Overview

The operations of ACX Technologies, Inc. (the Company) consist of
two primary business segments conducted by Coors Ceramics Company
(Coors  Ceramics)  and  Graphic  Packaging  Corporation  (Graphic
Packaging).   Coors  Ceramics  manufactures  advanced   technical
ceramic  products  while  Graphic Packaging  produces  high-value
consumer  and industrial flexible packaging and folding  cartons.
In  addition to its primary business units, the Company  operates
Golden  Technologies  Company, Inc. (Golden Technologies),  which
includes  operations that assemble and distribute solar  electric
systems,  operations which are developing biodegradable  polymers
and   operations  that  produce  corn  starch  and   other   food
ingredients.   Prior  to  1997, Golden  Technologies'  operations
included the manufacture of high-fructose corn syrup but in early
1997,   the  Company  adopted  a  plan  to  exit  this  business.
Effective  March  31,  1997, operations at  the  corn-wet-milling
facility have been converted to producing corn starch only.

Until  early  1996, the Company operated Golden Aluminum  Company
(Golden  Aluminum) which produced aluminum flat  rolled  products
primarily  for the aluminum can industry.  In 1996, the Company's
Board  of  Directors adopted a plan to dispose of this  business.
Effective March 1, 1997, the Company sold Golden Aluminum for $70
million, of which $10 million was paid at closing and $60 million
is  due  within  two  years.   In accordance  with  the  purchase
agreement, the purchaser has the right to sell Golden Aluminum to
the  Company during the two year period in discharge of  the  $60
million  obligation.  The initial payment of $10 million is  non-
refundable.  The working capital, which was not part of the sales
agreement,  is  being liquidated during the first half  of  1997.
The operating results of Golden Aluminum have been classified  as
discontinued   operations   for  all   periods   presented   and,
consequently, the following discussion excludes any  analysis  of
the discontinued operations.


Results from Continuing Operations

Consolidated net sales for the three months ended March 31, 1997,
decreased $3.7 million or 2.1% to $173.5 million when compared to
the  same period in 1996.  Declines in volume and price for high-
fructose corn syrup and lower volumes of ceramic components  sold
to  the semiconductor processing industry caused the lower  sales
in  1997.   Partially  offsetting these declines  were  increased
volumes of folding cartons sold to the tobacco industry.

Consolidated  gross  margin (gross profit as  a  percent  of  net
sales)  was  24.0%  for first quarter 1997  which  represents  an
increase  from  the  gross  margin of 21.8%  reported  for  first
quarter  1996.   The  1997  first  quarter  consolidated   margin
improved  due  to  the exit of the low margin high-fructose  corn
syrup  business as well as small improvements in gross margin  at
Coors Ceramics and at Graphic Packaging.

For  the  first  quarter of 1997, consolidated  operating  income
decreased  $2.8 million, or 18.3% to $12.6 million when  compared
to  the  same period in 1996.  Over $2.2 million of this decrease
relates  to  severance and exit costs incurred during  the  first
quarter  of 1997 to execute the plan designed to exit  the  high-
fructose  corn  syrup  business.  The remaining  decline  is  the
result of reduced sales of semiconductor processing components at
Coors Ceramics.

First  quarter 1997 interest expense - net declined $0.5  million
to  $1.2  million primarily due to increased interest  income  in
1997  from  investments and from imputed  interest  on  the  note
receivable  obtained  in  the  sale  of  Golden  Aluminum.   Cash
generated  from  the  sale  of Golden Aluminum  and  the  ensuing
working  capital  liquidation  have  helped  fund  the  Company's
increase in short-term, interest bearing investments.

The consolidated effective tax rate for the first quarter of 1997
and  1996 was 41%.  The primary difference between the 1997 first
quarter  effective tax rate and the statutory rate of 35% relates
to state and foreign taxes, as well as the impact of charges that
are  not deductible for tax purposes such as the amortization  of
goodwill.


Liquidity and Capital Resources

The  Company's  liquidity is generated  from  both  internal  and
external  sources and is used to fund short-term working  capital
needs,   capital   expenditures  and  acquisitions.    Internally
generated  liquidity is measured by net cash from  operations  as
discussed  below  and working capital.  At March  31,  1997,  the
Company's  working capital (excluding the net current  assets  of
the  discontinued operation) was $140.2 million  with  a  current
ratio  of  2.2  to 1.  The Company considers its working  capital
sufficient to meet its anticipated short-term requirements.   For
long-term requirements, the Company has access to a $125  million
unsecured,  committed revolving credit facility which was  unused
during the first quarter.

Net cash generated by operations for first quarter 1997 was $15.1
million  compared to cash used during the 1996 first  quarter  of
$12.8  million.  Contributing to the improved cash  position  was
the  partial  liquidation of Golden Aluminum's  working  capital,
offset in part by the additional cash used to fund the operations
of  Golden Aluminum through the date of sale.  First quarter 1997
capital  expenditures of $13.5 million net of  $10.0  million  in
proceeds from the Golden Aluminum sale accounted for the majority
of the net cash used in investing activities.


Segment Information

Net  sales  and operating income for the first quarter  1997  and
1996 are summarized by segment below:

                 FIRST QUARTER SEGMENT INFORMATION
                         (in thousands)

                                                     Operating
                             Net Sales             Income (Loss)
                         1997       1996         1997       1996
Coors Ceramics         $71,416    $74,388      $11,448    $12,652
Graphic Packaging       85,837     82,365        7,948      7,556
Golden Technologies     16,205     20,385       (4,781)    (2,670)
Corporate                  ---        ---       (1,993)    (2,089)
  Total               $173,458   $177,138      $12,622    $15,449
                                                                  


COORS CERAMICS

Coors  Ceramics' first quarter 1997 net sales were $71.4 million,
a  decline of $3.0 million or 4.0% compared to first quarter 1996
net  sales  of  $74.4  million.  Coors  Ceramics'  first  quarter
operating income declined 9.5% from first quarter 1996  to  $11.4
million  primarily  as  a result of the lower  sales.   Operating
margins  declined  1% from first quarter 1996  to  first  quarter
1997, but improved 1% from the fourth quarter of 1996.  The  1997
decrease in sales and operating income was primarily attributable
to  the  continued softness in the semiconductor  market.   Coors
Ceramics'  sales  to the semiconductor market  declined  severely
beginning  in the second quarter of 1996.  By the fourth  quarter
of  1996,  sales  to  this market segment had  started  to  trend
upward.  This  upward trend continued as first quarter 1997 sales
exceeded fourth quarter 1996 sales, but fell short of the  strong
first  quarter  of  1996.   First  quarter  1997  sales  to   the
telecommunications  markets also declined when  compared  to  the
first quarter of 1996.  However, growth in sales to the pulp  and
paper,  power generation and the petrochemical markets  partially
offset  the  declines in the semiconductor and telecommunications
markets for the same periods. Coors Ceramics continues to  manage
the  changing marketplace by focusing its product development  in
areas  that  are expected to outperform the overall  economy  and
anticipates improved asset and capacity utilization  due  to  its
recent  consolidation  of the structural and  electronic  product
groups.


GRAPHIC PACKAGING

Graphic  Packaging's net sales for first quarter 1997 were  $85.8
million  compared  to first quarter 1996 when  sales  were  $82.4
million, an increase of 4.2%.  Operating income increased to $7.9
million, a 5.2% increase from operating income reported in  first
quarter 1996.  The sales increase primarily results from stronger
folding  carton  sales  to  the tobacco,  detergent,  bakery  and
beverage  industries.   The  increase  in  operating  income   is
attributable  to  increased  sales  volume  partially  offset  by
increased  costs associated with the scale-up of  new  equipment.
Management believes that new products from Graphic Packaging  and
increased  sales  to  existing customers will provide  continuing
revenue gains in excess of industry averages.


GOLDEN TECHNOLOGIES

Net  sales for Golden Technologies declined to $16.2  million  in
the  first quarter of 1997 compared to $20.4  million in the 1996
same  quarter, a  decrease  of 20.6%.  The sales decrease results
primarily  from  exiting  the high-fructose  corn syrup business,
offset in part from  sales contributed  by Photocomm, Inc., which
was  acquired  in  November 1996.  Golden  Technologies  reported
an  operating  loss of $4.8 million for the 1997  first  quarter,
compared  to a $2.7 million operating loss for the same period  a
year  earlier.  Included in the 1997 first quarter operating loss
is  a  $2.3 million restructuring charge associated with the exit
from  the high-fructose corn syrup business announced during  the
quarter.   Additionally, development activities  for  Chronopol's
biodegradable polymer business increased compared  to  the  first
quarter 1996 due to the scale up of its semi-works facility which
will allow customer testing and market feasibility studies in the
last  half of 1997 for its controlled-life lactide and polylactic
acid  products.  In 1997, Golden Technologies will be  evaluating
financing  and  venturing options to take this  business  to  the
first stage of commercialization.



Forward-Looking Statements

Some  of  the statements in this Form 10-Q Quarterly  Report,  as
well  as  statements by the Company in periodic  press  releases,
oral  statements made by the Company's officials to analysts  and
shareholders in the course of presentations about the Company and
conference   calls   following   quarterly   earnings   releases,
constitute "forward-looking statements" within the meaning of the
Private  Securities  Litigation Reform Act  of  1995.   Words  or
phrases denoting the anticipated results of future events such as
"anticipate," "believe," "estimate," "will likely," "are expected
to,"  "will  continue," "project," and similar  expressions  that
denote  uncertainty are intended to identify such forward-looking
statements.   Such forward-looking statements involve  known  and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to  be
materially  different  from any future  results,  performance  or
achievements   expressed  or  implied  by   the   forward-looking
statements.   Such  factors  include,  among  other  things,  (i)
general  economic  and  business  conditions;  (ii)  changes   in
industries in which the Company does business, such as  beverage,
telecommunications, automotive, semiconductor and tobacco;  (iii)
the  loss  of major customers; (iv) the loss of market share  and
increased competition in certain markets; (v) industry shifts  to
alternative  materials,  such  as  replacement  of  ceramics   by
plastics  and  competitors offering products with characteristics
similar  to  the  Company's products; (vi)  changes  in  consumer
buying    habits;   (vii)   governmental   regulation   including
environmental  laws;  and (viii) other  factors  over  which  the
Company has little or no control.

These statements should be read in conjunction with the financial
statements and notes thereto included in the Company's Form  10-K
for the year ended December 31, 1996.  The accompanying financial
statements  have not been examined by independent accountants  in
accordance with generally accepted auditing standards, but in the
opinion   of  management  of  ACX  Technologies,  such  financial
statements include all adjustments necessary to summarize  fairly
the  Company's  financial  position and  results  of  operations.
Except  for certain reclassifications made to consistently report
the  information  contained  in  the  financial  statements,  all
adjustments  made  to the interim financial statements  presented
are  of a normal recurring nature.  The results of operations for
the first quarter ended March 31, 1997, may not be indicative  of
results  that  may be expected for the year ending  December  31,
1997.


Item 6.   Exhibits and Reports on Form 8-K

(a)  Exhibits:

Exhibit
Number              Document Description

3.1       Articles of Incorporation of Registrant.
          (Incorporated by reference to Exhibit 3.1 to
          Form 10 filed on October 6, 1992, file
          No. 0-20704)
3.1A      Articles of Amendment to Articles of
          Incorporation of Registrant. (Incorporated by
          reference to Exhibit 3.1A to Form 8 filed on
          December 3, 1992, file No. 0-20704)
3.2       Bylaws of Registrant, as amended.
          (Incorporated by reference to Exhibit 3.2 to
          Form 10-Q filed on November 7, 1996, file
          No. 0-20704)
4         Form of Stock Certificate of Common Stock.
          (Incorporated by reference to Exhibit 4 to Form
          10-K filed on March 7, 1996, file No. 0-20704)
10.1      Stock Purchase Agreement Among Golden
          Aluminum Company, Crown Cork & Seal, Inc. and
          ACX Technologies, Inc. (Incorporated by
          reference to Exhibit 10.1 to 8-K filed on March
          14, 1997, file No. 0-20704)
10.2      Supply Agreement between Graphic Packaging
          Corporation and Coors Brewing Company, dated
          January 1, 1997.  (Incorporated by reference to
          Exhibit 10.2 to Form 10-K filed on March 29,
          1997, file No. 0-20704)

(b)       Reports on Form 8-K

          A report on Form 8-K was filed on March 14, 1997
          reporting the sale of Golden Aluminum Company and
          attaching the Stock Purchase Agreement.
   
   
   
                           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.


Date: May 8, 1997             By /s/ Jed J. Burnham
                              Jed J. Burnham
                              (Chief Financial Officer and
                               Treasurer)  

Date: May 8, 1997             By /s/ Gail A. Constancio
                              Gail A. Constancio
                              (Controller and Principal
                               Accounting Officer)