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, 1998
                                
                               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              (IRS Employer
     of incorporation or                 Identification No.)
        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 28,497,310 shares of common stock outstanding  as  of
November 2, 1998.



                                
                 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,
                                1998       1997      1998       1997
                              --------  --------   --------  --------
Net sales                     $248,019  $186,458   $742,078  $546,693
                                                                      
Costs and expenses:                                                   
  Cost of goods sold           205,266  140,571     597,665   412,801
  Selling, general and                                                
    administrative              23,747   21,713      75,013    68,461
  Research and development       1,224    4,085       4,914    12,501
  Asset impairment and                                                
    restructuring charges       25,482   17,500      32,720    19,780
                               -------  -------     -------   -------
    Total operating expenses   255,719  183,869     710,312   513,543
                               -------  -------     -------   -------

Operating income (loss)         (7,700)   2,589      31,766    33,150
                                                                      
Other income (expense) - net       508     (269)        568        17
Interest expense - net          (5,314)    (614)    (14,946)   (2,379)
                               -------  -------     -------    ------
Income (loss) before income                                           
  taxes                        (12,506)   1,706      17,388    30,788

Income tax expense (benefit)    (5,000)     750       6,900    12,600
                               -------  -------     -------   -------
Net income (loss)              ($7,506)    $956     $10,488   $18,188
                               =======  =======     =======   =======
Total comprehensive income                                            
  (loss) (See Note 4)          ($8,066)    $838      $8,929   $17,164
                               =======  =======     =======   =======
Net income (loss) per basic                                           
  share                         ($0.26)   $0.03       $0.37     $0.65
                               =======  =======     =======   =======
Net income (loss) per diluted                                         
  share                         ($0.26)   $0.03       $0.36     $0.63
                               =======  =======     =======   =======
Weighted average shares                                               
  outstanding - basic           28,581   28,181      28,520    28,051
                               =======  =======     =======   =======
Weighted average shares                                               
  outstanding - diluted         29,019   29,046      29,126    28,767
                               =======  =======     =======   =======

See Notes to Consolidated Financial Statements.




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

                                      September 30,   December 31,
                                           1998          1997
ASSETS                                -------------   ------------
Current assets:                                                    
  Cash and cash equivalents               $37,014       $49,355
  Accounts receivable                     113,195        81,359
  Inventories:                                                     
    Finished                               60,345        48,607
    In process                             38,075        34,754
    Raw materials                          50,349        30,431
                                       ----------       -------
  Total inventories                       148,769       113,792
  Notes receivable                         58,978            --
  Other assets                             31,531        25,506
                                       ----------       -------
    Total current assets                  389,487       270,012
                                                                   
Properties at cost less accumulated                                
depreciation of $299,497 in 1998 and                               
$267,625 in 1997                          375,361       249,624
Note receivable                             3,360        56,549
Goodwill, net                             208,835        56,883
Other assets                               32,381        68,128
                                       ----------      --------
Total assets                           $1,009,424      $701,196
                                       ==========      ========
                                                                   
LIABILITIES AND SHAREHOLDERS' EQUITY                               
Short-term debt                          $155,900           $--
Other current liabilities                 166,349       111,461
                                       ----------      --------
  Total current liabilities               322,249       111,461
                                                                   
Long-term debt                            183,000       100,000
Other long-term liabilities                50,822        46,291
                                       ----------      --------
  Total liabilities                       556,071       257,752
Minority interest                          13,277        12,913
                                                                   
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
  28,584,000 and 28,373,000 issued
  and outstanding at September 30,
  1998, and December 31, 1997                 286           284
Paid-in capital                           453,051       451,336
Accumulated deficit                        (9,067)      (19,555)
Cumulative translation adjustment
  and other                                (4,194)       (1,534)
                                       ----------      --------
  Total shareholders' equity              440,076       430,531
                                       ----------      --------
Total liabilities and shareholders'
  equity                               $1,009,424      $701,196
                                       ==========      ========

See Notes to Consolidated Financial Statements.



                 ACX TECHNOLOGIES, INC.
	   CONSOLIDATED STATEMENT OF CASH FLOWS
		    (In thousands)

                                          Nine months ended
                                             September 30,
                                            1998        1997
                                         --------     ------- 
Cash flows from operating activities:                        
  Net income                              $10,488     $18,188
  Adjustments to reconcile net income                        
    to net cash provided by operating
    activities:
      Asset impairment and                                   
        restructuring charges              32,720      17,103
      Depreciation and amortization        40,631      31,440
      Change in deferred income taxes      (9,151)     12,960
      Change in current assets and                           
        current liabilities                (1,585)     12,922
      Change in deferred items and                           
        other                              (6,614)     (1,257)
                                         --------     -------
      Net cash provided by operating                         
        activities                         66,489      91,356
                                         --------     -------
Cash flows used in investing                                 
  activities:
     Acquisitions, net of cash acquired  (293,564)    (18,349)
     Proceeds from sales of assets        129,952      11,093
     Capital expenditures                 (61,939)    (38,842)
     Other                                 (2,098)     (3,282)
                                         --------     -------
Net cash used in investing activities    (227,649)    (49,380)
                                         --------     -------
Cash flows provided by financing                             
  activities:
     Proceeds from issuance of debt                    
       and other                          148,819       5,675
                                         --------     -------
Cash and cash equivalents:                                   
  Net increase (decrease) in cash and                        
    cash equivalents                      (12,341)     47,651
  Balance at beginning of period           49,355      15,671
                                         --------     -------
  Balance at end of period                $37,014     $63,322
                                         ========     =======

See Notes to Consolidated Financial Statements.



                     ACX TECHNOLOGIES, INC.
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.  Acquisition

On  January  14,  1998,  ACX  Technologies,  Inc.  (the  Company)
acquired  Britton Group plc (Britton) pursuant to a  cash  tender
offer  for  $420 million.  Britton was an international packaging
group  operating through two principal divisions: folding cartons
and  plastics.  The folding cartons division, Universal Packaging
Corporation    (Universal   Packaging),   is   a    nonintegrated
manufacturer  of  folding  cartons in  the  United  States,  with
capabilities in design, printing and manufacturing of  multicolor
folding  cartons.   The  plastics division of  Britton  (Plastics
Division), which was disposed of on April 20, 1998 (See Note  2),
operates  in  the  United  Kingdom and  includes  the  extrusion,
conversion and printing of polyethylene into films and  bags  for
industrial customers.

The Britton acquisition has been accounted for under the purchase
method.  Accordingly, the estimated excess of purchase price over
the  fair  value  of  net assets acquired of  approximately  $164
million is being amortized using the straight-line method over 30
years.   The results of Universal Packaging are reflected in  the
accounts   of  the  Company  beginning  January  14,  1998.    In
accordance with management's decision to dispose of the  Plastics
Division,  this business was carried as a discontinued  operation
on the books of the Company

The  following  pro forma information has been prepared  assuming
that the Britton acquisition had occurred on January 1, 1997.  In
accordance with the rules regarding the preparation of pro  forma
financial statements, the historical results of Britton  used  to
derive the accompanying pro forma information do not include  the
operations of the Plastics Division, which was sold on April  20,
1998.   The  pro forma information includes adjustments  for  (1)
amortization   of   goodwill  recorded   pursuant   to   purchase
accounting,  (2)  increased  interest  expense  related  to   new
borrowings at applicable rates for the purchase, and (3) the  net
tax  effect of pro forma adjustments at the statutory rate.   The
pro  forma  financial information is presented for  informational
purposes  only  and  may  not be indicative  of  the  results  of
operations  as  they  would have been had  the  transaction  been
effected on the assumed date nor is it necessarily indicative  of
the results of operations which may occur in the future.

                              Three Months        Nine Months
(In thousands, except            Ended               Ended
per share data)            September 30, 1997  September 30, 1997
                           ------------------  ------------------
Net sales                        $242,167           $711,062
                                 ========           ========

Net income                           $514            $17,344
                                 ========           ========
Net income per basic share
  of common stock                   $0.02              $0.62
                                 ========           ========
Net income per diluted
  share of common stock             $0.02              $0.60
                                 ========           ========


Note 2. Dispositions

Britton Group Plastics Division

On  April  20,  1998, the Company sold the Plastics Division  for
approximately pounds 82.0 million, or $135.0 million, including
pounds 80 million in cash and a pounds 2 million,5.25% note
receivable due in 2007  or upon change in control.  The majority
of the sale price, less transaction costs, was used to pay down
debt incurred by the Company for the Britton acquisition.

Since the acquisition date of Britton, the Company accounted  for
the  Plastics Division as a discontinued operation held for sale.
Therefore, the disposition of the Plastics Division did not  have
an  impact on the Company's results of operations.  The  Plastics
Division  had  net sales for the period January 14, 1998  through
April  20,  1998  of  $40.9 million, with  break  even  operating
results.  The Company allocated $1.8 million of interest  expense
to  the  Plastics  Division during the period  January  14,  1998
through April 20, 1998.

Golden Aluminum Company

In  1996, the Board of Directors adopted a plan to dispose of the
Company's  aluminum  rigid container sheet business  operated  by
Golden  Aluminum Company.  In March of 1997, the sale  of  Golden
Aluminum was completed for $70 million, of which $10 million  was
paid  at  closing  and $60 million is due on or before  March  1,
1999.   In  accordance with the purchase agreement, the purchaser
has  the  right to return Golden Aluminum Company to the  Company
prior   to  March  1,  1999  in  discharge  of  the  $60  million
obligation.  The initial payment of $10 million is nonrefundable.

Net  sales  for  Golden Aluminum for the period January  1,  1997
through March 1, 1997 were $38.5 million.  There was no income or
loss  from  the  operations  of Golden  Aluminum  in  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 3.  Asset Impairment and Restructuring Charges

1998 Asset Impairment Charges

During  the  third  quarter of 1998, the Company  recorded  $15.7
million   in  asset  impairment  charges  at  Graphic  Packaging.
Deterioration  of  its  performance  in  the  flexible  packaging
industry  led management to review the carrying amounts of  long-
lived   assets  and  goodwill  in  conjunction  with  an  overall
restructuring  plan.   (See  1998 Restructuring  Charges  below).
Specifically, historical and forecasted operating cash flows  did
not  support the carrying amount of certain long-lived assets and
goodwill   at   Graphic  Packaging's  Franklin,   Ohio   flexible
operation.   Accordingly, the decision was made to  downsize  and
eliminate certain manufacturing activities at this location.   In
addition,  management decided to offer for  sale  the  Vancouver,
British Columbia flexible operation.  Therefore, the goodwill  of
this  operation  was written-off and the long-lived  assets  were
written-down  to their estimated market values.  Lastly,  certain
long-lived  assets  at  Graphic  Packaging's  flexible  packaging
headquarters  became  impaired  when  the  Company   decided   to
consolidate   offices   and  centralize  certain   administrative
functions.

During  the  third quarter of 1998, the Company recorded  a  $5.6
million  asset  impairment charge at the  Chattanooga,  Tennessee
operation  of  Coors Ceramics.  Management decided to  offer  for
sale  this  operation  as  strong  offshore  competition  in  the
electronic  package  market  made  it  uneconomical  to  have   a
manufacturing   facility  dedicated   to   this   product   line.
Consequently, the long-lived assets of the Chattanooga operations
were written-down to their estimated market values.

During  the  third quarter of 1998, the Company recorded  a  $0.4
million  asset  impairment charge at its Solar Electric  segment.
Management's  decision  to  consolidate  and  out-source  certain
manufacturing  activities resulted in the impairment  of  certain
long-lived  assets.  Consequently, these assets were written-down
to their estimated market value.

During  first  quarter of 1998, Coors Ceramics  recorded  a  $6.2
million  asset  impairment charge related to the cancellation  of
its C-4 technology agreement with IBM.  Changes in the market for
C-4 applications extended the time frame for achieving commercial
sales  beyond  original expectations.  This  lack  of  near  term
commercial sales opportunities, combined with increasing overhead
costs,  prompted  the  Company to negotiate  termination  of  the
agreement.   Consequently, the Company wrote-off  the  long-lived
assets associated with this project.

During  the  first  quarter of 1998, the Solar  Electric  segment
recorded a $1.0 million asset impairment charge to write down its
investment   in   Solartec,  S.A.,  a  solar   electric   systems
distributor  located in Argentina.  Since acquiring  Solartec  in
November  1996,  operating cash flows have  been  below  original
expectations.  As a result, the Company recorded this  impairment
to reduce the carrying value of its investment in Solartec to its
estimated fair market value.

1997 Asset Impairment Charge

During  the  third  quarter  of  1997,  a  $16.6  million   asset
impairment  charge  was recorded for the Company's  biodegradable
polymer project.  The manufacturing and intangible assets of this
activity,  which  is  reported in the  Company's  Other  segment,
became  impaired when the Company adopted a plan to limit  future
funding for this project.  This plan reduced expected future cash
flows to a level below the carrying value of these assets.  As of
September  30, 1998, the operations of this project  have  ceased
and the equipment is being sold.
1998 Restructuring Charges

During  the  third  quarter  of 1998, the  Company  instituted  a
restructuring  plan  related  to  Graphic  Packaging's   flexible
packaging operations and recorded $3.8 million for severance  and
certain  exit costs.  The Company anticipates an additional  $2.4
million  in  severance  charges in the  fourth  quarter  of  1998
related   to   this   restructuring  plan.    Specifically,   the
restructuring charges in both quarters will provide for severance
and  exits  costs related to the elimination of approximately  65
positions  due  to the downsizing of the Franklin, Ohio  flexible
operation, the elimination of approximately 20 positions  due  to
the  consolidation of flexible packaging's corporate offices  and
the  centralization of administrative functions, and the decision
to  sell the Vancouver, British Columbia flexible operation.  The
Company  expects to complete this plan and make the corresponding
cash outlays by the end of the first quarter of 1999.

1997 Restructuring Charges

The  Company  recorded a total of $5.3 million  in  restructuring
charges in 1997.  The following table summarizes accruals related
to the restructuring charges for 1997:

                                      Corn
                      Biodegradable   Syrup     Graphic        
                         Polymer      Exit     Packaging       
(In thousands)          Exit Plan     Plan    Headquarters   Total
                      -------------   -----   ------------  ------
Balance,
  December 31,1997          $438      $882       $1,660     $2,980
Cash paid                   (438)     (299)      (1,409)    (2,146)
                      -------------   -----   ------------  ------
Balance,
  September 30, 1998          $0      $583        $251        $834
                      =============   =====   ============  ======


Note 4.  Comprehensive Income

Statement  of  Financial  Accounting Standards  (SFAS)  No.  130,
"Reporting  Comprehensive Income," was issued in  June  1997  and
adopted  by  the  Company in the first  quarter  of  1998.   This
statement establishes standards for the reporting and display  of
comprehensive  income  in  financial  statements.   Comprehensive
income is generally defined as the change in equity of a business
enterprise  during the period from transactions and other  events
and  circumstances  from nonowner sources.  The  Company's  total
comprehensive income consists of the following:


                           Three Months           Nine Months
                               Ended                 Ended
                           September 30,         September 30,
(In thousands)             1998      1997       1998       1997
                        -------     ------    -------   -------
Net income (loss)       ($7,506)      $956    $10,488   $18,188
Foreign currency
 translation adjustments   (933)      (197)    (2,598)   (1,706)
Income tax benefit          373         79      1,039       682
                        -------      -----    -------   -------
Total comprehensive                                             
  income (loss)         ($8,066)      $838     $8,929   $17,164
                        =======      =====    =======   =======


Note 5.  Adoption of New Accounting Standards

SFAS No. 133, "Accounting for Derivative  Instruments and Hedging
Activities," was issued in June 1998.  This statement establishes
accounting and reporting standards for derivative instruments and
for hedging activities.  It requires that an entity recognize all
derivatives  as either assets or liabilities in the statement  of
financial  position and measure those instruments at fair  value.
This   statement   is  effective  for  the  Company's   financial
statements for the year ended December 31, 2000 and the  adoption
of this standard is not expected to have a material effect on the
Company's financial statements.

SFAS  No.  132, "Employers' Disclosures about Pensions and  Other
Postretirement  Benefits," was issued  in  February  1998.   This
statement  revises the disclosure requirement  for  pensions  and
other  postretirement benefits.  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.

SFAS  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.



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, Graphic  Packaging  Corporation
(Graphic  Packaging) and Coors Ceramics Company (Coors Ceramics).
Graphic  Packaging  produces high-value consumer  and  industrial
flexible  packaging  and  folding cartons  while  Coors  Ceramics
manufactures  advanced  technical ceramic  and  other  engineered
materials.   In  addition  to  its primary  business  units,  the
Company  owns  a majority interest in Golden Genesis  Company,  a
group of solar electric distribution companies, which is publicly
traded  company  on NASDAQ.  Prior to 1998, the Company  operated
several technology-based developmental businesses through  Golden
Technologies  Company, Inc.  The Company is  in  the  process  of
winding down these developmental businesses.

On  January  14,  1998, the Company acquired  Britton  Group  plc
(Britton),  an international packaging company operating  through
two  principal  divisions:  folding cartons  and  plastics.   The
folding   cartons   division,  Universal  Packaging   Corporation
(Universal Packaging), is a nonintegrated manufacturer of folding
cartons  in  the  United  States.  The plastics  division,  which
operates  in  the  United  Kingdom,  was  accounted  for   as   a
discontinued  operation since the acquisition  and  was  sold  on
April 20, 1998 for pounds 82 million ($135 million).

Operating Results

Quarter

Consolidated  net  sales for the 1998 third quarter  were  $248.0
million, an increase of $61.6 million, or 33.0%, compared to  the
similar   1997  period.   The  increase  in  sales  is  primarily
attributable  to the additional sales related to the  acquisition
of  Universal Packaging, partially offset by decreased  sales  at
Coors   Ceramics  due  to  weaknesses  in  the  pulp  and  paper,
semiconductor,  electronic,  and  petrochemical  industries   and
currency influenced price competition.

Consolidated gross margin was 17.2% for the third quarter of 1998
compared  to  24.6% for the similar 1997 period. Contributing  to
the  lower  consolidated  gross margin were  margin  declines  at
Graphic  Packaging,  Coors Ceramics, and Solar  Electric  due  to
increased  price  competition.  Also, a lower  comparative  gross
margin  at  Universal  Packaging and  an  increase  in  inventory
obsolescence  and bad debt expense at both Graphic Packaging  and
Solar  Electric contributed to the decrease in consolidated gross
margin.

For  the  third  quarter of 1998, the Company had a  consolidated
operating loss of $7.7 million compared to consolidated operating
income  of  $2.6  million  for  the  1997  similar  period.   The
consolidated operating loss for the 1998 quarter was impacted  by
$15.7  million  in asset impairment charges and  a  $3.8  million
restructuring  charge at Graphic Packaging, a $5.6 million  asset
impairment  charge  at  the Chattanooga, Tennessee  operation  of
Coors  Ceramics,  and  a $0.4 asset impairment  charge  at  Solar
Electric.   (See Note 3 to the Consolidated Financial  Statements
for  further  discussion  on asset impairment  and  restructuring
charges.)   Also contributing to the consolidated operating  loss
for  the  third  quarter  was continuing  price  competition  for
Graphic Packaging, Coors Ceramics and Solar Electric.  Lastly, an
increase in inventory obsolescence and bad debt expense  at  both
Graphic   Packaging  and  Solar  Electric  contributed   to   the
consolidated operating loss for the 1998 quarter.

Net  interest expense was $5.3 million for the third  quarter  of
1998 compared to $0.6 million for the third quarter of 1997.  The
increase is a result of acquisition financing and debt assumed in
the Britton purchase.

Year to Date

Consolidated  net sales for the nine months ended  September  30,
1998  were  $742.1  million, an increase of  $195.4  million,  or
35.7%,  compared  to the similar 1997 period.   The  increase  in
sales is primarily attributable to the additional sales from  the
acquisition  of  Universal Packaging.  Increased sales  at  Coors
Ceramics  resulting from the acquisition of Tetrafluor,  Inc.  in
August  1997,  along  with stronger sales to the  automotive  and
beverage  valve  industries also contributed to the  increase  in
consolidated  net sales.  Increased sales in the  Solar  Electric
segment  were  mostly  offset by decreased  sales  in  the  Other
segment  as a result of the Company's 1997 decision to  exit  its
developmental businesses.

Consolidated  gross margin was 19.5% for the  nine  months  ended
September 30, 1998 compared to 24.5% for the similar 1997 period.
Contributing to the lower consolidated gross margin was a  margin
decline  at Graphic Packaging due to increased price competition,
lower comparative margins at Universal Packaging, and an increase
in  inventory obsolescence and bad debt expense.  Coors  Ceramics
experienced  a  lower  gross  margin  as  a  result  of  currency
influenced price competition.  Lastly, Solar Electric experienced
a  decline  in  gross  margin primarily due  to  an  increase  in
inventory obsolescence and bad debt expense.

Consolidated operating income for the nine months ended September
30,  1998,  was $31.8 million compared to $33.2 million  for  the
similar 1997 period.  Consolidated operating income for the  1998
period  was impacted by $15.7 million in asset impairment charges
and  a $3.8 million restructuring charge at Graphic Packaging,  a
$5.6   million   asset  impairment  charge  at  the  Chattanooga,
Tennessee  operation of Coors Ceramics and a $6.2  million  asset
impairment charge related to Coors Ceramics' termination of its C-
4  technology  agreement  with IBM, and  $1.4  million  in  asset
impairment  charges  at  Solar  Electric.  (See  Note  3  to  the
Consolidated Financial Statements for further discussion on asset
impairment and restructuring charges.)  Also contributing to  the
decrease in consolidated operating income for the 1998 period was
continuing   price  competition  for  Graphic  Packaging,   Coors
Ceramics  and  Solar Electric.  Lastly, an increase in  inventory
obsolescence  and bad debt expense at both Graphic Packaging  and
Solar  Electric  contributed  to  the  decrease  in  consolidated
operating  income for the nine month period ended  September  30,
1998.   Consolidated operating income for the nine  months  ended
September  30,  1997  was  impacted by  $19.8  million  in  asset
impairment and restructuring charge at the Other segment.

Net  interest expense was $14.9 million for the nine months ended
September  30,  1998 compared to $2.4 million  for  similar  1997
period.  The increase is the result of acquisition financing  and
debt assumed in the Britton purchase.

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.  During the  third
quarter  of  1998,  the Company had access to an  unsecured  $150
million revolving credit facility that expires on January 8, 1999
and  a  $175  million  unsecured revolving credit  facility  that
expires  on  November 30, 1998.  In November  1998,  the  Company
expects  to execute a two-year, unsecured $250 million  revolving
credit facility that will replace these facilities.

During   the   first  quarter  of  1998,  the  Company   borrowed
approximately $276 million under its credit facilities to finance
the  Britton  acquisition.  In conjunction with that transaction,
the Company also assumed an additional $92.5 million in debt.  On
April  20,  1998,  the Company completed the  sale  of  Britton's
Plastics  Division for approximately $135 million.  The  majority
of  the  proceeds of this sale were used to pay  down  debt.   In
addition,  the Company has entered into contracts  to  hedge  the
underlying interest rate on $175 million of anticipated long-term
borrowings  at an average risk-free rate of approximately  5.78%.
The  contracts  expire  on November 1,  1999.   The  Company  has
accounted   for  the  contracts  as  hedges  of  an  anticipatory
borrowing and as such, the contracts are not marked to market and
any  gain  or  loss  upon  settlement will  be  netted  with  the
underlying cost of borrowing.

In September 1998, the Company's Board of Directors authorized  a
program to repurchase up to 5% of its common stock in open market
transactions.  The stock may be purchased from time  to  time  as
the  Company's financial condition and market conditions  permit.
In  connection  therewith,  the Company  has  repurchased  87,000
shares at a cost of $1.1 million through November 2, 1998.

Net  cash  generated from operations for the  nine  months  ended
September  30,  1998 was $66.5 million compared to $91.4  million
generated in the nine months ended September 30, 1997.  The  1997
period included the partial liquidation of the working capital of
Golden Aluminum Company.

Year 2000

Management  has initiated an enterprise-wide program  to  prepare
the Company's financial, manufacturing and other critical systems
and  applications  for the year 2000.  The program  involves  the
Company's  upper management as well as project leaders from  each
of  the  Company's  business segments.  The  Board  of  Directors
monitors  the progress of the program on a quarterly basis.   The
focus  of  the  program  is  to identify  affected  software  and
hardware, develop a plan to correct that software or hardware  in
the  most  effective manner and implement and monitor that  plan.
The  program  also  includes communications  with  the  Company's
significant  suppliers and customers to determine the  extent  to
which  the  Company  is vulnerable to any  failures  by  them  to
address the Year 2000 issue.

State of Readiness
Although the Company's Year 2000 program is in various stages  of
completion  across its business segments, the Company anticipates
it  will  have  all modifications and replacements in  place  and
tested  before the end of 1999.  The Company's program  addresses
information  technology  (IT) and non-IT systems,  interdependent
computer  systems,  and  third  parties  such  as  suppliers  and
customers.

Costs

The  Company  has  incurred  internal  staff  costs  as  well  as
consulting  and other expenses related to the Year 2000  program.
In addition, the Company will replace certain older software with
new  programs  and systems.  Some of these upgrades  will  be  in
response to the Year 2000 issue; however, many upgrades are  part
of  the Company's normal business plan.  To date, the Company has
spent  approximately $0.3 million on its Year  2000  program  and
expects  to  incur  an  additional $1.6 million.   The  costs  to
address the Year 2000 issue are being expensed as incurred.

Risks

Given  the information available at this time, it is not possible
to  determine  the  operational impact  of  the  failure  of  the
Company's  Year 2000 program or of the failure of a third  party.
Management  currently anticipates that the cost  to  address  the
Year 2000 issue should not have a material adverse effect on  the
Company's   results  of  operations,  liquidity,  and   financial
position.   However, the Company continues to gather  information
regarding  the  total  estimated  costs  and  there  can  be   no
assurances that these costs will not be material.

Contingency Plans

Although the Company's Year 2000 contingency plans are currently
in various stages of completion across its business segments, the
Company anticipates it will have the appropriate contingency
plans in place and tested before the end of 1999.


Segment Information

Third Quarter Only
(In thousands)
                                               Operating
                        Net Sales             Income(Loss)
                   -------------------     ------------------
                      1998       1997        1998       1997
                   --------   --------     -------    -------
Coors Ceramics      $70,023    $79,329      $3,146    $12,454
Graphic Packaging   159,740     92,513      (7,618)    12,992
Solar Electric       13,178     10,453      (1,976)      (261)
Other                 5,078      4,163      (1,252)   (22,596)
                   --------   --------     -------    -------
                   $248,019   $186,458     $(7,700)    $2,589
                   ========   ========     =======    =======
                                                            
Third Quarter - Year to Date
(In thousands)
                                               Operating
                        Net Sales             Income(Loss)
                   -------------------     ------------------
                      1998       1997        1998       1997
                   --------   --------     -------    -------
Coors Ceramics     $230,390   $225,756     $20,319    $36,691
Graphic Packaging   461,773    275,597      23,213     32,151
Solar Electric       37,033     27,745      (5,183)    (3,087)
Other                12,882     17,595      (6,583)   (32,605)
                   --------   --------     -------    -------
                   $742,078   $546,693     $31,766    $33,150
                   ========   ========     =======    =======
                 

COORS CERAMICS

Coors  Ceramics' third quarter 1998 net sales were $70.0  million
compared  to  $79.3  million for the similar  1997  period.   The
decrease in sales is primarily due to weaknesses in the pulp  and
paper,  semiconductor,  electronic, and petrochemical  industries
and currency influenced price competition.

Third quarter 1998 operating income was $3.1 million compared  to
$12.5  for  the third quarter of 1997.  The decrease in operating
income  is  primarily attributable to the decrease in  sales  and
currency  influenced price competition.  In addition, during  the
1998  quarter,  Coors  Ceramics recorded  a  $5.6  million  asset
impairment charge at the Chattanooga, Tennessee operation.

Coors  Ceramics'  sales for the nine months ended  September  30,
1998  were  $230.4  million compared to $225.8  million  for  the
similar 1997 period.  The increase in sales is due to the  August
1997  acquisition of Tetrafluor, Inc., along with increased sales
to the automotive and beverage valve industries, partially offset
by  decreases  in  sales to the pulp and paper,  electronic,  and
semiconductor industries.

Operating income for the nine months ended September 30, 1998 was
$20.3  million  compared to $36.7 million for  the  similar  1997
period.   The  1998  period  included  $11.8  million  in   asset
impairment charges related to the termination of Coors  Ceramics'
C-4  technology agreement with IBM and the decision to offer  for
sale   the   Chattanooga,  Tennessee  operation.   In   addition,
weaknesses  in  the pulp and paper, electronic, and semiconductor
industries contributed to the decrease in operating income.

The  Company  expects  continued  pricing  pressures  in  certain
product lines, along with continued softness in the semiconductor
industry, to impact Coors Ceramics in the fourth quarter of 1998.
Coors  Ceramics continues to focus on growth through new  product
development, expanding market share in its current product  lines
and the addition of new materials to its product mix.


GRAPHIC PACKAGING

Graphic  Packaging's  third quarter 1998 net  sales  were  $159.7
million, an increase of $67.2 million, or 72.7%, compared to  the
similar   1997  period.   The  increase  in  sales  is  primarily
attributable   to   the   acquisition  of  Universal   Packaging.
Decreased sales to the flexible packaging industry, mostly due to
price competition and lower volume, partially offset the increase
in sales for the quarter.

For the third quarter of 1998, Graphic Packaging had an operating
loss  of  $7.6  million  compared to operating  income  of  $13.0
million  of the 1997 similar period.  The operating loss for  the
1998  quarter includes $15.7 million in asset impairment  charges
and  a $3.8 million restructuring charge.  In addition, increased
price  competition, reduced volume, and an increase in  inventory
obsolescence  and  bad  debt  expense  related  to  the  flexible
packaging  businesses contributed to the operating loss  for  the
1998  quarter.   Partially  offsetting  these  charges  was   the
additional  operating income related to Universal  Packaging  and
cost   savings   realized   by  Graphic   Packaging's   corporate
headquarters relocation in the fourth quarter of 1997.

Graphic Packaging's net sales for the nine months ended September
30,  1998 were $461.8 million, an increase of $186.2 million,  or
67.6%,  compared  to the similar 1997 period.   The  increase  in
sales  is  primarily attributable to the acquisition of Universal
Packaging.   In  addition, increased sales  volume  to  specialty
folding  carton  customers  in  the  fast  food  and  snack  food
industries  contributed to the increase in sales for the  period.
Partially offsetting these increases were decreased sales to  the
flexible packaging industry, mostly due to price competition  and
reduced  volume, and a decrease in folding carton  sales  to  the
tobacco industry.

Operating income for the nine months ended September 30, 1998 was
$23.2  million  compared to $32.2 million for  the  similar  1997
period.   The decrease in operating income is partially a  result
of  $15.7 million in asset impairment charges and a $3.8  million
restructuring charge.  In addition, increased price  competition,
reduced volume, and an increase in inventory obsolescence and bad
debt   expense  related  to  the  flexible  packaging  businesses
contributed  to  the  decrease in operating  income.   Offsetting
these charges was the additional operating income related to  the
Universal  Packaging  acquisition and cost  savings  realized  by
Graphic  Packaging's  corporate headquarters  relocation  in  the
fourth quarter of 1997.

The  Company expects Graphic Packaging to continue to  experience
pricing  pressures in certain product lines in the fourth quarter
of  1998.   However,  the  Company expects  improved  performance
related  to  plant efficiencies and cost savings from  the  third
quarter  restructuring.  Management continues to work to  develop
additional  synergies  between Graphic  Packaging  and  Universal
Packaging  in  the areas of sales, purchasing, and administration
and  expects  to realize additional financial advantages  in  the
future.   In  addition, Graphic Packaging continues  to  evaluate
opportunities  to  expand  its business  with  new  and  existing
customers,    as   well   as   through   strategic    acquisition
opportunities.


SOLAR ELECTRIC

Solar  Electric's  net  sales for the third  quarter  were  $13.2
million, an increase of $2.7 million, or 26.1%, compared  to  the
third  quarter  of  1997.  Increased sales  in  the  distribution
business due to the expansion of product lines and an increase in
domestic  demand  contributed  to the  increased  sales  for  the
quarter.   In addition, the January 1998 acquisition  of  Utility
Power Group contributed to the increased sales.

For  the  third quarter of 1998, Solar Electric had an  operating
loss  of  $2.0  million  compared to an operating  loss  of  $0.3
million  for the similar period of 1997.  The third quarter  1998
operating  loss  was primarily attributable  to  an  increase  in
inventory  obsolescence and bad debt expense and a  $0.4  million
asset impairment charge.

For  the  nine  months ended September 30, 1998, net  sales  were
$37.0 million, an increase of $9.3 million, or 33.5%, compared to
the  similar  1997  period.  Increased sales in the  distribution
business due to the expansion of product lines and an increase in
domestic  demand, the completion of large telecommunications  and
power projects in the Middle East and Africa, and the acquisition
of Utility Power Group, contributed to the increased sales.

For  the nine months ended September 30, 1998, Solar Electric had
an  operating loss of $5.2 million compared to an operating  loss
of  $3.1  million  for  the  third quarter  of  1997.   The  1998
operating  loss  was primarily attributable to  $1.4  million  in
asset  impairment  charges and an increase in inventory  and  bad
debt expense.


OTHER

The Company's remaining developmental business operated by Golden
Technologies,  together  with  the  Company's  corporate   costs,
comprise the Other segment.

Operating  loss  for the third quarter of 1998 was  $1.2  million
compared to $22.6 million for the similar 1997 period.  The third
quarter of 1997 was impacted by $17.5 million in asset impairment
and  restructuring charges.  Operating loss for the  nine  months
ended  September  30,  1998 was $6.6 million  compared  to  $32.6
million  for  the  similar  1997 period.   The  1997  period  was
impacted  by  $19.8 million in asset impairment and restructuring
charges.


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," "trends" 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,
food,  telecommunications, automotive,  semiconductor,  pulp  and
paper,  petrochemical,  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  or  metals  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 of the  Company
to   successfully  identify  and  maximize  efficiencies  between
Graphic  Packaging and the companies it acquires and successfully
merge the corporate cultures;  and  (ix) 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, 1997.  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  three  and nine month periods ended September 30, 1998,  may
not  be  indicative of results that may be expected for the  year
ending  December  31,  1998.  Certain 1997 information  has  been
reclassified to conform to the 1998 presentation.

                                
                   PART II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K


(a)  Exhibits:

Exhibit
Number           Document Description

3.2  Bylaws of Registrant, as amended and restated August 25,
     1998.


(b)  Reports on Form 8-K

     A report on Form 8-K was filed on November 2, 1998
     which included a supply agreement between Graphic
     Packaging Corporation and Coors Brewing Company.
   



                           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 16, 1998         By /s/Jed J. Burnham
                                 ----------------------------
                                 Jed J. Burnham
                                 (Chief Financial Officer and
                                  Treasurer)

Date:  November 16, 1998         By /s/Beth A. Parish
                                 ----------------------------
                                 Beth A. Parish
                                 (Controller and Principal
                                  Accounting Officer)