The materials contained in 12 bags were being carried from Hyderabad to the Maoist-hit district when security personnel intercepted them at a place near Potrel village under Orkel police station.
The employees who apparently had prior information threw the bags into forests behind a stone crusher unit owned by the company, Superintendent of Police, Malkangiri, Akhilesh Singh said.
The bags contained electronic detonators, gelatine sticks, IED and materials for making landmines, claymore mines and bombs, besides mobile phones, he said.
"All the materials were seized and the employees were being interrogated to ascertain its source and to whom they were being sent," the SP said.
The arrested included a senior official of the company, he said.
Senior officers of a private company were arrested at Hyderabad last year on the charge of providing cash and materials to Maoists in Malkangiri.