SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995

( ) 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 0-6187

BANTA CORPORATION
(Exact name of registrant as specified in its charter)

Wisconsin 39-0148550
(State or other jurisdiction (IRS Employer
of incorporation or organization) I.D. Number)

225 Main Street, Menasha, Wisconsin 54952
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (414) 751-7777

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 / /

The registrant had outstanding on September 30, 1995, 20,275,820
shares of $.10 par value common stock.

BANTA CORPORATION AND SUBSIDIARIES
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 1995

INDEX

PART I Financial Statements: Page Number

Unaudited Consolidated Condensed Balance Sheets
September 30, 1995 and December 31, 1994 . . . . . . . . . . . 3

Unaudited Consolidated Condensed Statements of Earnings for
the Three and Nine Months Ended September 30, 1995 and
October 1, 1994 . . . . . . . . . . . . . . . . . . . . . . . 4

Unaudited Consolidated Condensed Statements of Cash Flows
for the Nine Months Ended September 30, 1995 and
October 1, 1994 . . . . . . . . . . . . . . . . . . . . . . . 5

Notes to Unaudited Consolidated Condensed
Financial Statements . . . . . . . . . . . . . . . . . . . . 6-7

Management's Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . 7-8

PART II Other Information and Signatures:

Item 6 - Exhibits and Reports on Form 8-K . . . . . . . . . . . 9

PART I Item 1 - Financial Statements

BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in Thousands)

September 30, December 31,
1995 1994
ASSETS
Current Assets
Cash $ 9,310 $ 370
Receivables 179,748 169,613
Inventories 76,752 67,797
Other current assets 10,301 10,644
------- -------
Total Current Assets 276,111 248,424
------- -------
Plant and Equipment 570,335 523,735
Less Accumulated Depreciation 266,044 230,073
------- -------
Plant and Equipment, net 304,291 293,662
------- -------
Other Assets 11,629 11,766
Cost in Excess of Net Assets of 28,686 23,911
------- -------
Businesses Acquired $ 620,717 $ 577,763
======= =======

LIABILITIES AND SHAREHOLDERS'
INVESTMENT

Current Liabilities
Notes payable $ 26,220 $ 56,001
Accounts payable 34,457 41,529
Accrued salaries and wages 22,379 20,239
Other accrued liabilities 28,976 20,900
Current maturities of long-term debt 7,856 8,333
------- -------
Total Current Liabilities 119,888 147,002
------- -------
Long-term Debt 102,724 67,834
Deferred Income Taxes 18,831 19,218
Other Non-current Liabilities 13,974 12,122

Shareholders' Investment
Preferred stock - $10 par value;
authorized 300,000 shares, none
issued - -
Common stock - $.10 par value;
authorized 75,000,000 shares,
20,275,820 and 20,126,026 shares
issued, respectively 2,028 2,013
Amount in excess of par value of stock 59,718 56,780
Retained earnings 303,554 272,794
------- -------
Total Shareholders' Investment 365,300 331,587
------- -------
$ 620,717 $ 577,763
======= =======

See accompanying notes to consolidated financial statements.

BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

(Dollars in Thousands, Except Per Share Amounts)

Three Months Ended Nine Months Ended
Sept. 30, 1995 Oct. 1, 1994 Sept. 30, 1995 Oct. 1, 1994

Net sales $249,267 $207,735 $717,567 $ 581,030
Cost of goods sold 193,524 160,140 559,030 446,305
------- ------- ------- -------
Gross earnings 55,743 47,595 158,537 134,725
Selling and
administrative expense 28,066 24,638 86,743 73,806
------- ------ ------- -------
Earnings from
operations 27,677 22,957 71,794 60,919
Interest expense (2,427) (1,386) (6,847) (3,751)
Other income, net 524 639 382 964
------- ------- ------- ------
Earnings before income
taxes 25,774 22,210 65,329 58,132
Provision for income
taxes 10,300 8,900 26,100 23,300
------- ------- ------- -------
Net earnings $ 15,474 $ 13,310 $ 39,229 $ 34,832
======= ======= ======= =======
Earnings per share of
common stock $ .76 $ .66 $ 1.93 $ 1.72
====== ====== ====== ======
Average common shares
outstanding 20,405,250 20,239,947 20,327,909 20,239,985
========== ========== ========== ==========
Cash dividends per share
of common stock $ .14 $ .13 $ .42 $ .39
======= ======= ======= ======

See accompanying notes to consolidated financial statements.

BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

Nine Months Ended
September 30, October 1,
1995 1994
Cash Flow From Operating Activities
Net earnings $ 39,229 $34,832
Depreciation and amortization 35,691 29,657
Deferred income taxes (387) (654)
Change in assets and liabilities
Increase in receivables (10,071) (20,723)
Increase in inventories (8,955) (3,467)
Decrease in other current assets 373 220
Increase in accounts payable
and accrued liabilities 3,140 19,665
Decrease (increase) in other non
-current assets 137 (333)
Other, net 1,852 1,573
------ ------
Cash provided by operating
activities 61,009 60,770
------- ------
Cash Flow From Investing Activities
Capital expenditures, net (42,766) (67,162)
Acquisition of businesses (8,419) (29,831)
------- -------
Cash used for investing
activities (51,185) (96,993)
------ -------

Cash Flow From Financing Activities
(Repayment) issuance of notes
payable, net (29,781) 14,104
Issuance of long-term debt 40,000 25,000
Repayment of long-term debt (5,587) (4,700)
Dividends paid (8,469) (7,814)
Proceeds from exercise of stock
options 2,953 1,513
------ ------
Cash (used for) provided by
financing activities (884) 28,103
------ -------
Net increase (decrease) in cash 8,940 (8,120)
Cash at beginning of period 370 8,230
------ -------
Cash at end of period $ 9,310 $ 110
======= ======

Cash payments for:
Interest, net of amount capitalized $ 6,877 $3,891
Income taxes 23,476 24,057

See accompanying notes to consolidated financial statements.

BANTA CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1) Basis of Presentation

The condensed financial statements included herein have been prepared
by the Corporation, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the Corporation believes that the disclosures
are adequate to make the information presented not misleading. It is
suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto
included in the Corporation's latest Annual Report on Form 10-K.

In the opinion of Management, the aforementioned statements reflect
all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of the results for the interim
periods.

2) Inventories

The majority of the Corporation's inventories used in its printing
operations are accounted for at cost determined on a last-in, first-
out (LIFO) basis, which is not in excess of market. The remaining
inventories are stated at the lower of cost or market using the
first-in, first-out (FIFO) method. Inventories include material,
labor and manufacturing overhead.

Inventory amounts at September 30, 1995 and December 31, 1994 were as
follows:

(Dollars in Thousands)
September 30, December 31,
1995 1994
Raw Materials and Supplies $ 48,750 $ 37,106
Work-In-Process and Finished Goods 37,942 35,531
------- ------
FIFO value (current cost of all
inventories) 86,692 72,637

Excess of Current Cost over Carrying
Value of LIFO Inventories (9,940) (4,840)
------ ------
Net Inventories $ 76,752 $ 67,797
====== =======

3) Subsequent Event

On October 18, 1995, the Corporation completed its acquisition of
B.G. Turnkey Services Limited ("B.G. Turnkey"). B.G. Turnkey,
headquartered in Cork, Ireland, provides project management, product
assembly, fulfillment and product localization services to computer
software and hardware companies from facilities located in Ireland,
Scotland and The Netherlands, as well as from recently opened
facilities in the United States. B.G. Turnkey reported sales for its
most recent fiscal year of approximately IR Pounds 100 million ($160
million). The purchase price consisted of 236,765 shares of the
Corporation's common stock and approximately $21 million of the
Corporation debentures with a stated maturity of 5 years.

4) In March of 1995, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 121, "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed of". The Corporation intends to adopt this statement during
the first quarter of 1996. The adoption of this standard is not
expected to have a material effect on the Corporation's financial
position or results of operations.

Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain
significant factors which have influenced the Corporation's financial
position and results of operations from the close of the latest fiscal
year-end in comparison to the corresponding interim period in the
preceding year included in the Unaudited Consolidated Condensed Balance
Sheets, Statements of Earnings and Statements of Cash Flows.

FINANCIAL CONDITION

Liquidity and Capital Resources

The Corporation's net working capital increased by approximately
$54.8 million during the first three quarters of 1995. This increase
was primarily due to the application of the proceeds from the
issuance of $40 million of long-term debt during the first nine
months of 1995 at interest rates ranging from 7.38% to 7.98% and to
cash provided from operating activities. The proceeds of the debt
issued were used primarily to repay short-term indebtedness. During
November 1995, the Corporation issued an additional $35 million of
long-term debt at an interest rate of 6.81%. After issuance of this
debt, the Corporation's ratio of long-term debt to total
capitalization was 27%.

During the third quarter the Corporation replaced its lines of
credit, which had been used exclusively to support commercial paper
borrowings, with a $65 credit agreement. The new credit agreement
supports both commercial paper borrowings and direct borrowings from
three participating banks.

RESULTS OF OPERATIONS

Net Sales

Sales for the third quarter of 1995 were $41.5 million (20%) higher
than the third quarter of 1994. Paper price increases had a
significant impact on sales since the Corporation supplies much of
its customers' paper. These price increases accounted for about one-
half of the sales increase for the quarter. The commercial, book and
magazine market classifications showed sales increases for the
quarter, which included the impact of higher paper prices. The
largest sales gains were in the commercial market which included
increased volume from the Banta Direct Marketing Group and from the
Banta Catalog Group resulting from a higher volume of work produced.
The book market classification showed increased sales strength due to
higher activity levels in trade and educational books. The magazine
market classification benefitted from new production capacity added
in the third quarter at both plants that serve this market. Although
net sales for the book market increased overall, the demand for
software documentation softened as electronic documentation delivery
is gaining wider acceptance. However, demand has increased for
project management services, which includes component procurement,
package assembly, order fulfillment and product distribution.

Sales for the first three quarters of 1995 increased by $137 million
(23%) over 1994 also due in significant part to the impact of
increased paper prices. The commercial, book and magazine market
classifications reported sales increases for the first three quarters
of 1995. The largest increases in sales were in the book
classification and the commercial classification, particularly in
consumer catalogs and direct marketing materials. Increases in both
market classifications were the result of higher activity levels,
increased paper prices and acquisitions. Acquisitions completed in
1994 and 1995 accounted for approximately one-fourth of the 1995
sales increase.

The acquisition of B.G. Turnkey completed in October is expected to
increase the Corporation's sales by approximately 15% in the fourth
quarter of 1995 compared to the fourth quarter of 1994. It is also
expected to moderately increase net earnings and earnings per share.

Cost of Goods Sold

Cost of goods sold as a percentage of sales increased from 77.1% for
the third quarter of 1994 to 77.6% for the third quarter of 1995.
This overall margin decline resulted from several factors. Since the
sale of paper generally has lower margins than manufacturing sales,
the increase in paper sales reduced average margin percentages. The
inclusion of the results of United Graphics (acquired in 1994) has
reduced margins as this company currently has margins below the
Corporation's average. Offsetting these factors were improved margins
primarily resulting from increased utilization at the plants in the
Banta Catalog Group and the Banta Direct Marketing Group, all of
which are included in the commercial market classification. Due to
the increase in paper prices, the Corporation recorded a $1.7 million
provision for last-in first-out (LIFO) inventory valuation during the
third quarter of 1995. This represents .7% of sales. This compares to
a provision of $1.0 million was provided in the third quarter of
1994. The Corporation expects relatively stable paper prices in the
fourth quarter of 1995.

Cost of goods sold as a percentage of sales increased from 76.8% for
the first three quarters of 1994 to 77.9% for the first three
quarters of 1995. The reduction in margins of the three quarters
resulted from the factors discussed above regarding the third
quarter. The Corporation has recorded a total $5.1 million provision
for LIFO during the first three quarters of 1995, representing .7% of
sales. A total of $1.3 million was provided for LIFO in the first
three quarters of 1994.

Selling and Administrative Expenses

Selling and administrative expenses were $3.4 million and $12.9
million higher for the third quarter and first three quarters of
1995, respectively, than for the same periods of 1994. The increase
is primarily due to higher levels of activity in general and the
inclusion of $1.0 million and $4.2 million for the third quarter and
nine-month period of 1995, respectively, of selling and
administrative expenses for the operations acquired during 1994 and
1995.

Interest Expense

Interest expense was approximately $1.0 million and $3.1 million
higher in the third quarter and first nine months of 1995,
respectively, than for the same periods of 1994. This is due to
increased levels of long-term borrowing which carry higher average
interest rates. The Corporation's average level of overall
indebtedness was approximately $45 million higher during the first
three quarters of 1995 compared with the same period in 1994.

The increase in indebtedness during 1995 resulted form the aggressive
capital expenditure commitments made in 1994 and 1995, as well as an
increase in $47 million in the average net investment in working
capital during 1995 compared with 1994.

Income Taxes

The Corporation's effective income tax rates were approximately the
same for the first three quarters of 1995 and 1994.

PART II: OTHER INFORMATION

ITEM 6. Exhibits and Reports on Form 8-K

(a) Exhibits -

4(a) Note Purchase and Medium-Term Note Agreement Dated November
2, 1995

27 Financial Data Schedule [EDGAR filing only]

(b) No reports on Form 8-K were filed during the quarter for which
this report is filed.

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.

BANTA CORPORATION

/S/ GERALD A. HENSELER
Gerald A. Henseler
Executive Vice President and Chief Financial Officer

Date November 13, 1995

BANTA CORPORATION
EXHIBIT INDEX TO FORM 10-Q
For The Quarter Ended September 30, 1995

Exhibit Number

4(a) Note Purchase and Medium-Term Note Agreement Dated
November 2, 1995

27 Financial Data Schedule [EDGAR filing only]