EXHIBIT 12

                 ACX TECHNOLOGIES, INC. AND SUBSIDIARIES
                   RATIO OF EARNINGS TO FIXED CHARGES

                                        For the Year Ended
                          Dec. 27,  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,
                            1992      1993      1994      1995      1996
Income (loss) from                                                       
  continuing operations  $(10,012)  $20,789   $32,783  $51,247   $22,409
                                                                         
Amortization of
  capitalized interest        344       427       443      465       573
                                                                         
Fixed charges related to                                                 
  pre-tax income (loss)                                                    
  from continuing                                                          
  operations                5,859     3,894     6,918   10,023     9,120
                                                                         
ADJUSTED EARNINGS (LOSS) $ (3,809)  $25,110   $40,144  $61,735   $32,102
                                                                         
Fixed charges:                                                           
Interest expense         $  5,379   $ 3,412   $ 6,370  $ 9,306   $ 8,177
                                                                         
Interest factor of rent                                                  
  expense                     480       482       548      717       943
                                                                         
Fixed charges related to                                                 
  pre-tax income (loss)                                                    
  from continuing                                                          
  operations                5,859     3,894     6,918   10,023     9,120
                                                                         
Fixed charges related to                                                 
  discontinued operations  13,455       952       790      881     1,060
                                                                         
Interest capitalized for                                                 
  continued operations        828       163       223      885       744
                                                                         
TOTAL FIXED CHARGES     $  20,142   $ 5,009   $ 7,931  $11,789   $10,924
                                                                         
Ratio of earnings to                                                     
  fixed charges                NA      5.01      5.06     5.24      2.94


NA    Fixed charges exceeded 1992 adjusted earnings by $23.9 million.
Included in these results were $13.7 million of restructuring charges
associated with the spin-off from Adolph Coors Company.  Without giving
effect to such charges, the ratio of earnings to fixed charges for the
year ended December 27, 1992 would have been 0.49.