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 September 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:  0-20704
                                
                     ACX TECHNOLOGIES, INC.
     (Exact name of registrant as specified in its charter)

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

 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 28,281,369 shares of common stock outstanding  as  of
November 4, 1997.

                                
                 PART I.  FINANCIAL INFORMATION

                                
Item 1.  Financial Statements


                       ACX TECHNOLOGIES, INC.
                    CONSOLIDATED INCOME STATEMENT
                (In thousands, except per share data)
                                                                   
                              Three months ended      Nine months ended
                                 September 30,           September 30,
                                1997        1996        1997      1996
                              --------------------    --------------------
Net sales                     $186,458    $175,154    $546,693   $536,279
                                                                        
Costs and expenses:                                                     
  Cost of goods sold           140,571     137,218     412,801    418,281
  Marketing, general and                                                
    administrative              21,713      18,459      68,461     57,554
  Research and development       4,085       3,602      12,501     10,996
  Asset impairment and                                                  
    restructuring charges       17,500         ---      19,780        ---
                               -------     -------     -------    -------
  Total operating expenses     183,869     159,279     513,543    486,831
                               -------     -------     -------    -------
Operating income                 2,589      15,875      33,150     49,448
                                                                        
Other income (expense) - net      (269)         21          17         62
Interest expense - net            (614)     (1,714)     (2,379)    (5,502)
                               -------     -------     -------    -------
Income from continuing                                                   
  operations before income                                                
  taxes                          1,706      14,182      30,788     44,008
Income tax expense                 750       5,600      12,600     17,500
                               -------     -------     -------    ------- 
Income from continuing                                                  
  operations                       956       8,582      18,188     26,508
                               -------     -------     -------    -------
Discontinued operations:                                                
Loss from discontinued                                                  
  operations of Golden                                                  
  Aluminum Company                 ---         ---         ---     (5,033)
                                                                        
Loss on disposal of Golden                                              
  Aluminum Company                 ---         ---         ---    (70,000)
                               -------     -------     -------   --------
Net income (loss)                 $956      $8,582     $18,188   ($48,525)
                               =======     =======     =======   ========
Net income (loss) per share                                             
  of common stock:
                                                                        
     Continuing operations       $0.03       $0.30       $0.63      $0.93
                                                                        
     Discontinued operations       ---         ---         ---      (2.62)
                               -------     -------     -------    -------
Net income (loss) per share      $0.03       $0.30       $0.63     ($1.69)
                               =======     =======     =======    =======
Weighted average share                                                  
  outstanding                   29,397      28,633      29,021     28,641
                               =======     =======     =======    =======
 
See Notes to Consolidated Financial Statements.



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

                                           September 30,     December 31,
                                                1997            1996
                                           -------------     ------------
ASSETS                                                      
Current assets:                                                    
  Cash and cash equivalents                    $ 63,322       $ 15,671
  Accounts receivable                            87,663         71,886
  Inventories:                                                     
    Finished                                     51,884         46,312
    In process                                   32,757         28,837
    Raw materials                                31,348         26,371
                                               --------       --------
  Total inventories                             115,989        101,520
                                               --------       -------- 
  Deferred tax asset                             12,101         18,218
  Other assets                                   24,997         11,571
  Net current assets of discontinued                               
    operations                                      565         53,052
                                               --------       --------
    Total current assets                        304,637        271,918
                                                                   
Properties at cost less accumulated                                
  depreciation and amortization of $260,063                        
  in 1997 and $234,248 in 1996                  243,257        244,615
Note receivable                                  55,396            ---
Goodwill, net                                    58,528         46,799
Other assets                                     40,585         49,860
Noncurrent assets of discontinued operations        ---         63,500
                                               --------       --------
Total assets                                   $702,403       $676,692
                                               ========       ========
LIABILITIES AND SHAREHOLDERS' EQUITY                               
Total current liabilities                      $123,340       $117,292
                                                                   
Long-term debt                                  100,000        100,000
Accrued postretirement benefits                  28,626         27,890
Other long-term liabilities                      16,784         19,002
                                               --------       --------
  Total liabilities                             268,750        264,184
Minority interest                                13,495         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 28,259,000 and                             
  27,934,000 issued and outstanding at                             
  September 30, 1997, and December 31, 1996         283            279
Paid-in capital                                 449,111        443,302
Retained deficit                                (29,083)       (47,271)
Cumulative translation adjustment and other        (153)         1,593
                                               --------       -------- 
  Total shareholders' equity                    420,158        397,903
                                               --------       --------
Total liabilities and shareholders' equity     $702,403       $676,692
                                               ========       ========

See Notes to Consolidated Financial Statements.



                             ACX TECHNOLOGIES, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (In thousands)
                                                                 
                                               Nine months ended
                                                 September 30,
                                              1997          1996
                                            ----------------------
Cash flows from operating activities:                            
  Net income (loss)                         $18,188      ($48,525)
  Adjustments to reconcile net income                            
    (loss) to net cash provided by
    operating activities:
      Loss on disposal of discontinued                           
        operations, net of tax                  ---        70,000
      Asset impairment and                                       
        restructuring charges                17,103           ---
      Depreciation and amortization          31,440        36,989
      Change in deferred income taxes        12,960         3,116
      Change in accrued postretirement                           
        benefits                                736           712
      Change in current assets and                               
        current liabilities                  12,922       (44,762)
      Change in deferred items and                               
        other                                (1,993)            2
                                           --------      --------
      Net cash provided by operating         91,356        17,532
        activities
                                                                 
Cash flows used in investing activities:                         
     Additions to properties                (38,842)      (41,401)
     Acquisitions, net of cash acquired     (18,349)      (12,536)
     Proceeds from sales of properties       11,093         4,363
     Other                                   (3,282)       (2,300)
                                           --------      --------
Net cash used in investing activities       (49,380)      (51,874)
                                                                 
Cash flows provided by financing                                 
  activities:
      Option exercises and other              5,675           655
                                                                 
Cash and cash equivalents:                                       
  Net increase (decrease) in cash and                            
    cash equivalents                         47,651       (33,687)
  Balance at beginning of period             15,671        52,686
                                           --------      --------
  Balance at end of period                  $63,322       $18,999
                                           ========      ========

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
addition,  ACX  Technologies, Inc. (the Company) retained  a  3.6
percent  equity  interest  in  either  Golden  Aluminum  or   the
equivalent  in stock in the purchaser or cash which increases  by
0.3  percent  for each month the obligation remains unpaid  after
the  one  year anniversary of the sale.  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.  Nearly all of the working capital
of  Golden  Aluminum, which was not part of the sales  agreement,
was liquidated during the first nine months of 1997.

Summarized results of discontinued operations are as follows:

                           Three months ended     Nine months ended
                              September 30,          September 30,
                              1997       1996        1997       1996
                           ------------------    --------------------
Revenues                   $   ---   $ 57,892    $ 38,526   $129,135
                           =======   ========    ========   ========  
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 operation   $   ---   $    ---    $    ---   ($70,000)
                           =======   ========    ========   ========

Loss per common share      $   ---   $    ---    $    ---   ($  2.44)
                           =======   ========    ========   ========

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  noncurrent  notes
receivable  of $55.4 million reported in the September  30,  1997
balance  sheet  represents  the  discounted  obligation  for  the
remaining  sales  price  of  Golden Aluminum.   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.  Asset Impairment and Restructuring Charges

During  the  third  quarter of 1997, the Company  recorded  $17.5
million  in asset impairment and restructuring charges at  Golden
Technologies  Company, Inc. (Golden Technologies).   The  charges
relate to the biodegradable polymer project, the assets of  which
became   impaired   when  the  future  cash  flows   to   support
capitalization were significantly reduced when the  Company  made
the  decision  to  limit future financial resources  and  seek  a
strategic  financial  partner to successfully  commercialize  the
project.   Of  the  $17.5 million in charges, approximately  $0.4
million  was paid during the third quarter of 1997 for  severance
related  to  the  elimination of approximately  40  research  and
administrative   positions.   The   remaining   cash   costs   of
approximately $0.5 million are expected to be paid by mid-1998.

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.
Through the first nine months of 1997, $1.2 million was paid  for
severance  and  outplacement costs related to the elimination  of
approximately  70 manufacturing and administrative positions  and
other  exit  costs related to the shut down of the  high-fructose
corn  syrup manufacturing process.  The remaining charge of  $1.1
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 first  nine  months  of  1997,
approximately $1.9 million was paid in cash with respect to  this
charge.   The remaining expected cash outlay of $0.1  million  is
expected to be paid during the fourth quarter of 1997.


Note 3.  Adoption of New Accounting Standards

Statement of Financial Accounting Standards No. 131, "Disclosures
about  Segments  of  an Enterprise and Related Information",  was
issued  in  June 1997.  This statement establishes standards  for
the  way  public  business enterprises report  information  about
operating  segments.  It also establishes standards  for  related
disclosure  about products and services, geographical areas,  and
major  customers.  This statement is effective for the  Company's
financial statements for the year ended December 31, 1998 and the
adoption  of  this standard is not expected to  have  a  material
effect on the Company's financial statements.

Statement  of Financial Accounting Standards No. 130,  "Reporting
Comprehensive  Income", was issued in June 1997.   The  statement
establishes  standards for reporting and display of comprehensive
income in financial statements.  This statement is effective  for
the  Company's  financial statements for the year ended  December
31,  1998  and the adoption of this standard is not  expected  to
have a material effect on the Company's financial statements.

Statement  of  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, which includes operations that assemble  and
distribute solar electric systems primarily through its  majority
owned  subsidiary Photocomm, Inc., operations that  produce  corn
starch  and  other food ingredients, as well as operations  which
develop  biodegradable polymers, for which the Company is seeking
a   strategic   financial  partner.   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 were 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
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.  Nearly all of the working capital of  Golden
Aluminum on March 1, 1997 of $55 million, which was not  part  of
the  sales  agreement, has been liquidated as  of  September  30,
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 September  30,
1997  increased $11.3 million, or 6.5 percent, to $186.5  million
when  compared  to net sales of $175.2 million  reported  in  the
third  quarter of 1996.  A 23.1 percent increase in net sales  at
Coors Ceramics and a 5.2 percent increase in net sales at Graphic
Packaging  gave rise to the consolidated increase.   This  growth
resulted  in  net  sales records for the third quarter  for  both
companies.  Offsetting these increases were reduced net sales  at
Golden Technologies which is no longer producing or selling high-
fructose corn syrup.  Consolidated net sales for the nine  months
ended  September  30, 1997 were $546.7 million,  an  increase  of
$10.4  million, or 1.9 percent, when compared to the  prior  year
similar period consolidated net sales of $536.3 million.   A  7.6
percent increase in net sales at Coors Ceramics and a 5.2 percent
increase in net sales at Graphic Packaging again more than offset
the reduced net sales at Golden Technologies.

Consolidated  gross  margin (gross profit as  a  percent  of  net
sales) for the three month period increased from 21.7 percent  in
1996  to  24.6  percent  in 1997, while  the  nine  month  period
experienced a similar increase from 22.0 percent in 1996 to  24.5
percent  in  1997.  The elimination of the low margin corn  syrup
business  at  Golden Technologies was the largest contributor  to
the improvement in gross margin.

As  a percent of net sales, marketing, general and administrative
costs  increased from 10.5 percent for the three month period  of
1996  to 11.6 percent for the 1997 similar period.  For the  nine
month  period, marketing, general and administrative costs  as  a
percent of sales increased from 10.7 percent to 12.5 percent  for
the  1997  similar period.  The increase in these costs for  both
periods  was primarily attributable to increased sales activities
at  Coors Ceramics and Graphic Packaging.  Also, the addition  of
Photocomm,  Inc., which is included in the Company's consolidated
financial statements since the November 1996 acquisition  of  its
controlling   interest,  and  the  inclusion  in  the   Company's
consolidated   financial  statements  of  the  Tetrafluor,   Inc.
acquisition in August 1997, have contributed to these increases.

For  the  three  months  ended September 30,  1997,  consolidated
operating  income was $2.6 million compared to $15.9  million  in
the  year  ago third quarter.  Included in consolidated operating
income  for  the 1997 quarter is a $17.5 million asset impairment
and   restructuring   charge  related  to  Golden   Technologies'
biodegradable  polymer project.  Excluding the  asset  impairment
and  restructuring charge, operating income for the  quarter  was
$20.1 million, a 26.5 percent improvement as compared to the 1996
similar  period  consolidated operating income of $15.9  million.
This increase is primarily a result of increased operating income
at  Coors  Ceramics related to improved capacity utilization  and
increased operating income at Graphic Packaging as a result of  a
favorable  product  mix,  improved gross margins  and  controlled
administrative  expenses.   For  the  nine  month  period   ended
September  30,  1997,  consolidated operating  income  was  $33.2
million  compared  to $49.4 million in the year  ago  nine  month
period.  In addition to the third quarter charge of $17.5 million
mentioned above, the nine month 1997 period also includes a first
quarter $2.3 million restructuring charge related to exiting  the
high-fructose  corn  syrup  business.  Excluding  these  charges,
consolidated operating income for the nine month period was $53.0
million,  a 7.1 percent increase as compared to the 1996  similar
period  consolidated  operating income of  $49.4  million.   This
increase  is primarily a result of increased operating income  at
Coors Ceramics and Graphic Packaging.

Interest  expense - net for the third quarter and the first  nine
months  of  1997 was $0.6 million and $2.4 million, respectively,
compared  to  $1.7 million and $5.5 million in the  1996  similar
periods.   Interest expense - net has been favorably impacted  by
additional  interest  income in 1997 from  investments  and  from
imputed  interest  on the note receivable from the  purchaser  of
Golden Aluminum.  Cash generated from the sale of Golden Aluminum
and  the ensuing working capital liquidation have contributed  to
the   Company's   increase   in  short-term,   interest   bearing
investments.

The  consolidated  annualized effective tax  rate  for  the  nine
months  ended September 30, 1997 was 40.9 percent.  The effective
tax rate of the Company is higher than the statutory tax rate  of
35.0  percent because of state and foreign taxes, deductions that
are  not deductible for tax purposes such as the amortization  of
goodwill,  and the lack of tax benefits from operating losses  at
the  Company's  subsidiaries that are not  consolidated  for  tax
purposes.

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 September 30, 1997,  the
Company's  working capital (excluding the net current  assets  of
the  discontinued operation) was $180.7 million  with  a  current
ratio  of  2.5  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  nine  month  period ended September  30,  1997.   In
addition,   the  Company  continues  to  search  for  appropriate
acquisition  candidates and may obtain all or a  portion  of  the
financing  for  future  acquisitions through  the  incurrence  of
additional  debt,  which the Company believes it  can  obtain  at
reasonable terms and pricing.

Net  cash generated by operations for the nine month period ended
September of 1997 was $91.4 million compared to $17.5 million for
the  1996  similar  period.  Contributing to  the  improved  cash
position  was  the  liquidation  of  Golden  Aluminum's   working
capital.   Net  cash  used  in  investing  activities  for   1997
decreased $2.5 million as compared to 1996, primarily the  result
of   slightly  lower  capital  expenditures,  the  $10.0  million
proceeds realized to date on the sale of Golden Aluminum,  offset
by the additional cash used for acquisitions in 1997.


Segment Information

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

Third Quarter Only
(In thousands)
                                                        Operating
                             Net Sales                Income(Loss)
                          1997        1996          1997       1996
                      --------------------      ---------------------
Coors Ceramics        $ 79,329    $ 64,434      $ 12,454    $  9,467
Graphic Packaging       92,513      87,939        12,992      11,121
Golden Technologies     14,616      22,781       (20,296)     (2,717)
Corporate                  ---         ---        (2,561)     (1,996)
                      --------    --------      --------    --------
                      $186,458    $175,154      $  2,589    $ 15,875
                      ========    ========      ========    ========

Year-To-Date
(In thousands)
                                                        Operating
                             Net Sales                Income(Loss)
                          1997        1996          1997       1996
                      --------------------      ---------------------
Coors Ceramics        $225,756    $209,849      $ 36,691    $ 34,066
Graphic Packaging      275,597     262,056        32,151      29,885
Golden Technologies     45,340      64,374       (29,290)     (8,826)
Corporate                  ---         ---        (6,402)     (5,677)
                      --------    --------      --------    --------
                      $546,693    $536,279      $ 33,150    $ 49,448
                      ========    ========      ========    ========



COORS CERAMICS

Coors Ceramics reported record net sales of $79.3 million for the
third  quarter  of 1997, up $14.9 million, or 23.1 percent,  from
1996  third quarter net sales of $64.4 million.  Increased volume
from    the   petrochemical,   semiconductor,   automotive    and
telecommunications industries were primarily responsible for  the
improvement,  offset somewhat by softness in the pulp  and  paper
industry.  The acquisition of Tetrafluor, Inc. in August of  1997
also  contributed to the increased sales.  Operating  income  for
the 1997 third quarter increased $3.0 million to $12.5 million as
compared  to  the  similar period of 1996.   The  improvement  in
operating  income was again primarily attributable  to  increased
volume  from  the  petrochemical, semiconductor,  automotive  and
telecommunications industries, offset somewhat by softness in the
pulp and paper industry.  Operating margins for the third quarter
grew  from  14.7  percent  in 1996 to 15.7  percent  in  1997  as
operating efficiencies were realized.

During  the first nine months of 1997, Coors Ceramics' net  sales
increased  $15.9  million, or 7.6 percent, to $225.8  million  as
compared  to 1996 similar period.  Increased volume for the  nine
month   period   from   the  automotive  and   telecommunications
industries, increased volume in the first half of the  year  from
the  pulp  and  paper industry, the rebound of the  semiconductor
industry  in  the third quarter of 1997, and the  acquisition  of
Tetrafluor,  Inc.  in  August of 1997,  all  contributed  to  the
increase  in  sales.  Operating income for the 1997  year-to-date
period  increased $2.6 million, or 7.7 percent, to $36.7  million
compared  to  $34.1 million of the year-to-date period  of  1996.
Operating margins remained consistent between the periods.

Coors  Ceramics'  management continues to focus on  manufacturing
efficiencies, strategic acquisitions and broadening its materials
base  to continue its upward momentum.  Looking ahead to the  end
of  1997,  Coors Ceramics' level of success continues  to  depend
upon the strength of the U.S. and European economies, the rebound
of  semiconductor processing and telecommunications  markets  and
effective capacity utilization.



GRAPHIC PACKAGING

Graphic Packaging reported record net sales of $92.5 million  for
the  third quarter of 1997, up $4.6 million, or 5.2 percent, from
1996  third  quarter net sales of $87.9 million.  Nearly  all  of
Graphic  Packaging's flexible operations posted increased  sales,
primarily related to improved volumes of confectionery and  snack
food   packaging.    In   Graphic  Packaging's   folding   carton
operations,  increases  to  the quick food  service  market  were
mostly  offset  by  a decline in tobacco industry  sales.   Third
quarter  1997 operating income was $13.0 million, an increase  of
$1.9  million,  or 16.8 percent, as compared to operating  income
for  the third quarter of 1996.  Operating margins for the  third
quarter  of 1997 increased to 14.0 percent from operating margins
of  12.6  percent  for the third quarter of 1996.   The  improved
operating performance was a result of increased plant utilization
at  several of the flexible operations, controlled administrative
costs,  and an improved product mix.  Graphic Packaging  reported
net  sales  of  $275.6 million for the nine  month  period  ended
September 30, 1997, an increase of $13.5 million, or 5.2 percent,
over  the  1996 similar period.  Operating income  for  the  nine
month  period ended September 30, 1997 improved $2.3  million  to
$32.2  million.  Year-to-date 1997 net sales and operating income
improvements  came  from  additional volume  in  several  markets
including   tobacco,  confectionery,  bakery,  snack   food   and
detergent.   Offsetting the increase in operating  income  was  a
second  quarter charge of approximately $2.0 million  related  to
the  sale  of  the Linearpak system and to severance for  several
organizational changes.

In  October  of  1997,  the Company announced  its  intention  to
relocate  the corporate offices of Graphic Packaging from  Wayne,
Pennsylvania to Golden, Colorado.  The Company expects  the  move
will  reduce  ongoing  costs  and  improve  the  coordination  of
management.   The  Company believes the move  will  be  completed
during the first quarter of 1998; however, the company expects to
incur  severance  and relocation costs between $1.0  million  and
$2.0 million in the fourth quarter of 1997.

Management expects Graphic Packaging's results for the  remainder
of  the year to remain solid, although the favorable product  mix
and capacity utilization experienced in the third quarter of 1997
is not expected to continue at the same level on a regular basis.
In   addition,  Graphic  Packaging  results  could  be   impacted
favorably or unfavorably as it continues to face the challenge of
obtaining   significant  sales  volumes  to  fully  utilize   new
capabilities  and capacity, increased competitive pressures,  and
from  changes  in  its  ability  to  pass  through  to  customers
increased material costs as quickly as in the past.



GOLDEN TECHNOLOGIES

Golden  Technologies reported net sales for the third quarter  of
1997  of $14.6 million compared to the $22.8 million reported  in
the  year  earlier  period.  The operating  loss  for  the  third
quarter  of 1997 was $20.3 million compared to the third  quarter
of  1996  operating loss of $2.7 million.  Reduced sales are  the
result  of  exiting the high-fructose corn syrup business  during
the  first  quarter of 1997, offset in part by the net  sales  of
Photocomm, Inc.  The additional operating loss during  the  third
quarter  of  1997 relates primarily to the asset  impairment  and
restructuring   charge   of  $17.5   million   related   to   the
biodegradable polymer project.

Net  sales  for  the nine months ended September 30,  1997,  were
$45.3  million compared to $64.4 million for 1996 similar period.
The additional sales due to the acquisition of Photocomm, Inc. in
November  1996  were more than offset by the exit  of  the  high-
fructose  corn  syrup  business during the  1997  first  quarter.
Operating  loss  for  the first nine months  of  1997  was  $29.3
million, compared to an operating loss of $8.8 million during the
1996  similar period.  Asset impairment and restructuring charges
of  $19.8 million taken in the first and third quarters  of  1997
account  for the majority of the additional loss, with additional
research  and  development  costs in  the  biodegradable  polymer
project accounting for the remaining increase in losses.



CORPORATE

Corporate expenses for the three months ended September 30,  1997
were  $2.6 million, compared to $2.0 million for the 1996 similar
period.   Corporate expenses for the nine months ended  September
30,  1997 were $6.4 million, as compared to $5.7 million for  the
1996  similar period.  The increases in corporate expenses are  a
result of increased staffing costs and increased costs related to
potential acquisitions which have not been capitalized.



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," "expects," "estimate,"  "will  likely,"
"are  expected  to," "will continue," "focus  on,"  "intend  to,"
"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,  pulp  and  paper,
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; (viii) the  ability  to  negotiate
favorable  lease agreements; (ix) the ability to hire and  retain
qualified personnel; and (x) 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.  All
adjustments  made  to the interim financial statements  presented
are  of a normal recurring nature.  The results of operations for
the  third quarter and nine months ended September 30, 1997,  may
not  be  indicative of results that may be expected for the  year
ending December 31, 1997.


                   PART II.  OTHER INFORMATION

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)
27         Financial Data Schedule


(b)  Reports on Form 8-K

     There were no reports filed on Form 8-K during the quarter
     ended September 30, 1997.



                           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: November 7, 1997           By /s/ Jed J. Burnham
                                 -------------------------------
                                 Jed J. Burnham
                                 (Chief Financial Officer and
                                  Treasurer)

Date: November 7, 1997           By /s/ Gail A. Constancio
                                 -------------------------------   
                                 Gail A. Constancio
                                 (Controller and Principal
                                  Accounting Officer)