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, 1996
                                
                               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    (I.R.S. Employer Identification
incorporation or organization)       No.)

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

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

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.

                Yes [X]                    No [  ]

There  were 27,920,908 shares of common stock outstanding  as  of
November 5, 1996.


                           ACX TECHNOLOGIES, INC.
                      CONSOLIDATED INCOME STATEMENT
                  (In thousands, except per share data)
                                                                        
                                  Three months              Nine months
                                      ended                   ended
                                  September 30,            September 30,
                                 1996        1995        1996       1995
                                                                      
Net sales                      $175,154    $171,210   $536,279  $496,329
                                                                        
Costs and expenses:                                                     
  Cost of goods sold            137,218     130,248    418,281   380,097
  Marketing, general and                                                
administrative                   18,459      18,475     57,554    55,977
  Research and development        3,602       3,161     10,996    12,371
    Total operating expenses    159,279     151,884    486,831   448,445
                                                                        
Operating income                 15,875      19,326     49,448    47,884
                                                                        
Other income - net                   21         245         62       385
Interest expense - net           (1,714)     (2,039)    (5,502)   (6,711)
                                                                        
Income from continuing                                                  
operations before income taxes   14,182      17,532     44,008    41,558
Income tax expense                5,600       6,900     17,500    16,300
                                                                        
Income from continuing                                                  
operations                        8,582      10,632     26,508    25,258
                                                                        
Discontinued operations:                                                
Income (loss) from                                                      
discontinued operations                                                 
of Golden Aluminum Company           --      (3,676)    (5,033)      267
                                                                        
Loss on disposal of Golden                                              
Aluminum Company                     --         --     (70,000)       --
                                                                        
Net income (loss)                $8,582      $6,956   ($48,525)  $25,525
                                                                        
Net income (loss) per share of                                          
common stock:
                                                                        
Income from continuing                                                  
operations                        $0.30       $0.38      $0.93     $0.91
                                                                        
Income (loss) from                                                      
discontinued operations              --       (0.13)     (2.62)     0.01
                                                                        
Net income (loss) per share       $0.30       $0.25     ($1.69)    $0.92
                                                                        
Weighted average shares                                                 
outstanding                      28,633      28,020     28,641    27,717


See Notes to Consolidated Financial Statements.
                                

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

                                        September 30,   December 31,
                                            1996            1995
ASSETS                                                   
Current assets:                                                    
  Cash and cash equivalents                  $18,999        $52,686
  Accounts and notes receivable               73,278         98,061
  Inventories:                                                     
    Finished                                  40,700         41,228
    In process                                29,118         41,712
    Raw materials                             28,485         34,560
Total inventories                             98,303        117,500
  Deferred tax asset                          15,670          7,275
  Other assets                                12,433         16,986
  Net current assets of discontinued                               
  operations (Note 1)                         52,258             --
    Total current assets                     270,941        292,508
                                                                   
Properties at cost less accumulated                                
depreciation and amortization of                                   
$271,485 in 1996 and $322,263 in 1995        261,988        426,832
Other assets                                  64,667         66,146
Noncurrent assets of discontinued                                  
operations (Note 1)                          110,508             --
                                                                   
Total assets                                $708,104       $785,486
                                                                   
LIABILITIES AND SHAREHOLDERS' EQUITY                               
                                                                   
Total current liabilities                   $113,020       $123,707
                                                                   
Long-term debt                               100,000        100,000
Deferred income taxes                             --         22,970
Accrued postretirement benefits               27,720         27,008
Other long-term liabilities                   26,566         23,427
                                                                   
Shareholders' equity
Preferred stock, non-voting, $0.01 par                             
value, 20,000,000 shares authorized and                            
no shares issued or outstanding                   --             --
Common stock, $0.01 par value                                      
100,000,000 shares authorized and                                  
27,918,000 and 26,917,000 issued and                               
outstanding at September 30, 1996, and                             
December 31, 1995                                280            269
Paid-in capital                              443,061        441,220
Retained earnings (deficit)                   (3,771)        45,587
Cumulative translation adjustment and                              
other                                          1,228          1,298
  Total shareholders' equity                 440,798        488,374
Total liabilities and shareholders'                                
equity                                      $708,104       $785,486

See Notes to Consolidated Financial Statements.



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

                                           Nine months ended
                                             September 30,
                                           1996         1995
                                                              
Cash flows from operating activities:                         
Net income (loss)                        ($48,525)     $25,525
Adjustments to reconcile net income
   (loss) to net cash provided by
   (used in) operating activities:
      Loss on disposal of discontinued                        
      operations, net of tax               70,000           --
      Depreciation and amortization        36,989       36,766
      Change in deferred income taxes       3,116        2,212
      Change in accrued postretirement                        
      benefits                                712          974
      Change in current assets and                            
      current liabilities                 (44,762)     (15,316)
      Change in deferred items and                            
      other                                     2          782
                                                              
      Net cash provided by operating                          
      activities                           17,532       50,943
                                                              
Cash flows provided by (used in)                              
investing activities:
  Additions to properties                 (41,401)     (40,397)
  Acquisitions, net of cash acquired      (12,536)         ---
  Other                                     2,063        8,302
                                                              
      Net cash used in investing                              
      activities                          (51,874)     (32,095)
                                                              
Cash flows provided by (used in)                              
financing activities:
  Short-term debt repayments                  ---       (3,600)
  Long-term debt repayments                   ---         (116)
  Other                                       655        4,207
                                                              
      Net cash provided by financing                          
      activities                              655          491
                                                              
Cash and cash equivalents:                                    
  Net increase (decrease) in cash and                         
  cash equivalents                        (33,687)      19,339
  Balance at beginning of period           52,686        9,777
  Balance at end of period                $18,999      $29,116
                                                              

See Notes to Consolidated Financial Statements.


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

Note 1. Discontinued Aluminum Operations

On April 24, 1996, the Board of Directors of ACX Technologies,
Inc. (the Company) adopted a plan to dispose of the assets of
Golden Aluminum Company (Golden Aluminum).  In conjunction with
this plan, the Company recorded an estimated after-tax loss of
approximately $70 million, including approximately $11.5 million
of after-tax losses associated with ongoing activities of Golden
Aluminum through the disposition date.  Accordingly, the
historical results for Golden Aluminum and the estimated loss
through the disposition date have been classified as discontinued
operations for all periods presented in the consolidated income
statement.  Currently, the Company is in the process of
evaluating the offers received for Golden Aluminum and management
believes the Company can reach a definitive agreement by the end
of 1996.  Consumation of the transaction could result in an
adjustment to the estimated loss for Golden Aluminum.

Selected financial data for Golden Aluminum, in thousands, are
summarized as follows:

                             Three months ended     Nine months ended
                               September 30,          September 30,
                             1996        1995        1996       1995
                                                                  
Revenues                    $57,892      $49,806    $129,135  $193,673
                                                                      
Income (loss) from                                                    
operations before                                                     
income taxes               $      -    ($  6,176)   ($ 8,033) $    667
                                                                      
Income tax (expense)                                                  
benefit                           -        2,500       3,000      (400)
                                                                      
Income (loss) from                                                    
operations                        -       (3,676)    ( 5,033)      267
                                                                      
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 income (loss)          $      -     ($ 3,676)   ($75,033)  $   267
                                                                      
Per common share:
Income (loss) from                                                    
operations                 $      -    ($   0.13)  ($   0.18) $   0.01
Estimated loss on disposal        -            -   (    2.44)        -
Net income (loss)          $      -    ($   0.13)  ($   2.62) $   0.01

The assets and liabilities of Golden Aluminum which are held for
sale have been separately identified on the September 30, 1996
consolidated balance sheet as net current or noncurrent assets of
discontinued operations.  The consolidated balance sheet at
December 31, 1995 has not been restated.  The consolidated
statement of cash flows for the nine months ended September 30,
1996 and 1995 has not been restated for the discontinued
operation and therefore, includes sources and uses of cash for
Golden Aluminum.

Significant estimates have been made by management with respect
to the loss on disposal of Golden Aluminum.  Actual results could
differ from these estimates making it reasonably possible that a
change in these estimates could occur in the near term.
 Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

On April 24, 1996, the Board of Directors of ACX Technologies,
Inc. (ACX Technologies or the Company) adopted a plan to dispose
of the assets of the Company's aluminum business, Golden Aluminum
Company (Golden Aluminum).  Consequently, the results of Golden
Aluminum are reported as discontinued operations on the
consolidated income statement of ACX Technologies.  The assets
and liabilities of Golden Aluminum which are held for sale have
been separately identified on the September 30, 1996 consolidated
balance sheet as net current or noncurrent assets of discontinued
operations.  The consolidated balance sheet at December 31, 1995
has not been restated.  The consolidated statement of cash flows
for the nine months ended September 30, 1996 and 1995 has not
been restated for the discontinued operations and, therefore,
includes sources and uses of cash for Golden Aluminum.

Results from Continuing Operations

Consolidated net sales for the three months and nine months ended
September 30, 1996 (third quarter and first nine months),
increased $3.9 million or 2.3 percent and $40.0 million or 8.0
percent, respectively, when compared to the same periods in 1995.
In the third quarter, Graphic Packaging Corporation (Graphic
Packaging) experienced an increase in sales of $8.4 million
primarily related to the 1996 acquisition of Gravure Packaging,
Inc., located in Richmond, Virginia (the Richmond Facility).
This increase was partially offset by lower sales at Coors
Ceramics Company (Coors Ceramics) when compared to the 1995 third
quarter record of $70.2 million.  Coors Ceramics' decline is
primarily related to continued industry-wide softness in the
telecommunications and semiconductor industries.  For the first
nine months of 1996, consolidated sales growth was primarily the
result of the Richmond Facility acquisition at Graphic Packaging
and Coors Ceramics' year-to-date sales increase in certain
structural product lines which exceeded the decline related to
the weak telecommunications and semiconductor industries.

Consolidated gross margin (gross profit as a percent of net
sales) for the third quarter decreased from 23.9 percent in 1995
to 21.7 percent in 1996;  the nine month period experienced a
similar decrease from 23.4 percent in 1995 to 22.0 percent in
1996.  The decline in both periods was primarily attributable to
lower sales by Coors Ceramics to the telecommunications and
semiconductor markets and to lower margins for high-fructose corn
syrup at Golden Technologies Company, Inc. (Golden Technologies).
These declines were offset, in part, by improved margins at
Graphic Packaging.

For the three months ended September 30, 1996, operating income
decreased $3.5 million or 17.9 percent to $15.9 million.  For the
first nine months of 1996, consolidated operating income
increased $1.5 million to $49.4 million, or 3.3 percent over the
1995 amount of $47.9 million..  On a year-to-date and quarterly
basis, Graphic Packaging was favorably impacted by its 1996
acquisition of the Richmond Facility and Coors Ceramics
experienced operating income growth in its structural division.
However, in the quarter-only period, the operating income growth
in the structural division was more than offset by diminished
sales to the slowing telecommunications and semiconductor
markets.

Interest expense - net for the third quarter of 1996 decreased to
$1.7 million from $2.0 million for the 1995 third quarter due to
reduced borrowings attributed to continuing operations.  Interest
expense - net for the first nine months of 1996 was $5.5 million
compared to $6.7 million in the 1995 period, a decrease of $1.2
million. The reduction of interest expense in the nine month
period of 1996 related to reduced short-term borrowings during
the first and third quarters of 1996 when compared to the same
periods in 1995.

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, 1996, the
Company's working capital (excluding the net current assets of
the discontinued operation) was $105.7 million with a current
ratio of 1.9 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.  There were no
borrowings on this facility as of September 30, 1996.

Net cash provided by operations for the nine months ended
September 30, 1996 was $17.5 million.  Contributing to the cash
provided was income from continuing operations and a reduction of
inventories at Golden Aluminum, offset in part by additional
working capital at the other companies as well as losses incurred
at Golden Aluminum. In the first nine months of 1996, the
majority of net cash used in investing activities consisted of
capital expenditures of $41.4 million.  Coors Ceramics' share of
the capital expenditures was approximately 56 percent while
Graphic Packaging accounted for 23 percent.  The remainder was
spent primarily at Golden Technologies.  Consolidated spending
during the year has been primarily for technological upgrades to
machinery and equipment and related computer systems as well as
costs associated with facility expansions and reconfigurations.
In addition, the Company spent $12.5 million on acquisitions,
primarily the Graphic Packaging acquisition of Gravure Packaging,
Inc.

Segment Information

The Company's continuing operations include two primary
businesses -- Coors Ceramics and Graphic Packaging.  The ceramics
segment includes operations that manufacture advanced technical
ceramic products.  The packaging segment produces high-value
added consumer and industrial flexible packaging and folding
cartons.  In addition, the Company operates Golden Technologies,
which includes operations that produce high-fructose corn syrup,
refined corn starch and other food ingredients, operations that
are developing biodegradable polymers, a real estate partnership
and an operation involved in the distribution of solar electric
systems.  Net sales and operating income for the third quarter
and nine months of 1996 and 1995 are summarized by segment below:

                                                              
3RD QUARTER ONLY
(In thousands)
                                                Operating
                            Net Sales          Income (Loss)
                         1996      1995       1996     1995
Coors Ceramics          $64,434   $70,224    $9,467   $14,391
Graphic Packaging        87,939    79,573    11,121     9,563
Golden Technologies      22,781    21,413    (2,717)   (2,222)
Corporate                     -         -    (1,996)   (2,406)
                       $175,154  $171,210   $15,875   $19,326
                                                              
                                                              
3RD QUARTER YEAR-TO-DATE
(In thousands)
                                                Operating
                            Net Sales         Income (Loss)
                         1996      1995       1996     1995
Coors Ceramics         $209,849  $203,779   $34,066   $37,475
Graphic Packaging       262,056   233,567    29,885    26,756
Golden Technologies      64,374    58,983    (8,826)   (9,314)
Corporate                     -         -    (5,677)   (7,033)
                       $536,279  $496,329   $49,448   $47,884
                                                              

COORS CERAMICS

Coors Ceramics reported a decrease in sales and operating income
for the third quarter of 1996 compared to the all-time record
reached in the third quarter of 1995.  Sales were down $5.8
million or 8.2 percent from $70.2 million in 1995 to $64.4
million in 1996.  Operating income decreased $4.9 million from
$14.4 million in 1995 to $9.5 million in 1996.  Although the
structural division continued to experience volume gains in fluid
dispensing, power generation, automotive and pulp and paper
markets, this performance was offset by the diminished volume of
the electronic and structural divisions' sales to the
semiconductor market.  The structural division's decrease related
to the semiconductor industry's 15 percent decline in profits
during the 3rd quarter of 1996 and the corresponding drop in new
and expanded semiconductor fabrication capacity.   In addition,
the transition to just-in-time inventory practices by certain
customers and a slowdown in the electronics industry negatively
impacted sales.  Coors Ceramics also experienced a decline of
more than sixty percent in sales of advanced ceramic packages due
to the currently volatile telecommunications market.

During the first nine months of 1996, Coors Ceramics' sales
increased $6.1 million or 3.0 percent from the comparable 1995
period to $209.8 million in 1996.  The increase came primarily
from volume gains the structural division experienced in fluid
dispensing, power generation, automotive, pulp and paper, and
oilfield markets.  However, sales of ceramics to the
semiconductor industry are down compared to 1995.  Also
offsetting these increases was a decline of more than fifty
percent in sales of advanced ceramic packages primarily due to
the industry-wide slowdown in the telecommunications industry.
The operating income decline of 9.1 percent or $3.4 million in
the 1996 nine month period when compared to the same period in
1995 was primarily related to the sales declines mentioned above.

The outlook for the remainder of 1996 is for continued steady
demand for structural products except for semiconductor
fabrication components.  Softness in the electronics and advanced
ceramic package segments is expected to continue for the
remainder of 1996.  These market conditions will likely result in
Coors Ceramics reporting 1996 operating income of less than the
record $47.4 million reported in 1995.  Future sales of
electronic ceramics and advanced ceramic packages is expected to
improve slowly through the first half of 1997.

GRAPHIC PACKAGING

Graphic Packaging's 1996 third quarter sales of $87.9 million
increased $8.4 million over the 1995 third quarter.  The
acquisition of the Richmond Facility contributed $12.1 million of
this increase.  Folding carton sales exclusive of the Richmond
Facility decreased slightly, primarily because of slightly lower
sales volumes to the beverage industry.  The flexible division's
sales were down $3.1 million to $37.1 million for the quarter due
to a combination of lower snack food volumes, the elimination of
less profitable extruded film business, lower selling prices
related to pass-throughs to customers of lower raw material
prices and customer-initiated packaging specification changes
that reduce total package cost.  Third quarter 1996 operating
income improved $1.6 million, primarily related to the Richmond
Facility acquisition.  In addition, the elimination of certain
extruded film business in the flexible division improved this
division's 1996 operating margin when compared to 1995.  The
remaining increase in operating income was attributable to
improved production efficiencies in the folding carton division.

Graphic Packaging reported sales of $262.1 million for the first
nine months of 1996, an increase of $28.5 million or 12.2 percent
over the first nine months of 1995.  Operating income for the
1996 year-to-date period improved $3.1 million to $29.9 million.
The acquisition of the Richmond Facility contributed $33.2
million to the net sales increase and $2.7 million to operating
income.  Although sales from the base folding carton and flexible
operations were down slightly, Graphic Packaging was able to
improve 1996 operating income for these plants through increased
production efficiencies in its folding carton division, offset in
part by higher costs associated with facility expansions and the
start up of new presses.  Graphic Packaging believes it is on
track to achieve its eighth consecutive year of sales and
earnings growth in 1996.

GOLDEN TECHNOLOGIES

Golden Technologies reported sales for the third quarter of 1996
of $22.8 million compared to $21.4 million reported in the year
earlier period.  For the same period in 1996 the operating loss
was $2.7 million compared to the loss reported in the 1995 third
quarter of $2.2 million.  The sales increase is primarily
attributed to increased selling prices and volumes of commodity
by-products offset in part by reduced selling prices for high-
fructose corn syrup caused by overcapacity in this industry.  The
additional third quarter operating loss of $.5 million for Golden
Technologies was primarily the result of higher corn costs which
resulted in lower margins on high-fructose corn syrup.

Net sales for the nine months ended September 30, 1996, were
$64.4 million compared to $59.0 million recorded in 1995.  This
$5.4 million increase, or 9.1 percent, was the result of
increased volume and prices in sales of commodity by-products and
additional sales by the real estate partnership.  Sales for the
corn wet milling business decreased slightly from the first nine
months of 1995.  The operating loss for 1996 was $8.8 million or
$0.5 million less than the loss reported in the first nine months
of 1995.  Contributing to this improvement was the favorable
volume and prices experienced in the sales of commodity by-
products as well as the benefits being realized from the
restructuring completed at the end of 1995. These favorable
changes were partially offset by the lower margins on high-
fructose corn syrup.

Golden Technologies continues to evaluate opportunities to
commercialize its development efforts in biodegradable polymers
and solar energy systems.  In this regard, Golden Technologies
continues to negotiate with the management of Photocomm, Inc.
(NASDAQ:  PCOM) to acquire a majority interest in this leading
supplier of solar electric systems.  In conjunction with this
proposed acquisition, Golden Technologies is evaluating the
future approach to its solar panel manufacturing operations.  In
addition, Golden Technologies is in the final stages of
completing a semiworks facility which will have a 2 million pound
capacity for the production of lactide monomers.  This facility
signifies the next step in the process of commercializing the
biodegradable polymer technology.  Management expects this
facility to be operational in the first quarter of 1997.

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.  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 and
semiconductor; (iii) the loss of major customers; (iv) the loss
of market share and increased competition in certain markets; (v)
industry shifts to alternative materials, such as replacement of
ceramics by plastics and competitors offering products with
characteristics similar to the Company's products; (vi) changes
in consumer buying habits; (vii) governmental regulation
including environmental laws; and (viii) other factors over which
the Company has little or no control.

These statements should be read in conjunction with the financial
statements and notes thereto included in the Company's Form 10-K
for the year ended December 31, 1995.  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 ended September 30, 1996, may not be indicative
of results that may be expected for the year ending December 31,
1996.



Item 6.   Exhibits and Reports on Form 8-K

(a)  Exhibits:

Exhibit
Number              Document Description

2.1       Plan  of  disposition of Golden  Aluminum
          Company.  (Incorporated by reference to Exhibit
          2.1 to Form 10-Q filed on May 3, 1996, file No.
          0-20704)
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.
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)

(b)  Reports on Form 8-K

     There were no reports filed on Form 8-K during the
     quarter ended September 30, 1996.




                           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 5, 1996           By /s/Jed J. Burnham
                                 (Chief Financial Officer and
                                  Treasurer)

Date: November 5, 1996           By /s/Gail A. Constancio
                                 (Controller and Principal
                                  Accounting Officer)