| EXHIBIT 21 |
SUBSIDIARIES OF THE REGISTRANT
Twin Disc, Incorporated, the registrant (a Wisconsin Corporation) owns directly or indirectly 100% of the following subsidiaries:
| 1. | Twin Disc International, S.A. (a Belgian corporation) |
| 2. | Twin Disc Srl (an Italian corporation) |
| 3. | Rolla Sp Propellers SA (a Swiss corporation) |
| 4. | Twin Disc (Pacific) Pty. Ltd. (an Australian corporation) |
| 5. | Twin Disc (Far East) Ltd. (a Delaware corporation operating in Singapore and Hong Kong) |
| 6. | Mill-Log Equipment Co., Inc. (an Oregon corporation) |
| 7. | Mill-Log Equipment Ltd. (a Canadian corporation) |
| 8. | Twin Disc Southeast, Inc. (a Florida corporation) |
| 9. | Vetus Italia Srl (an Italian corporation) |
| 10. | Technodrive SARL (a French corporation) |
| 11. | Boat Equipment Limited (a Maltese limited liability corporation) |
| 12. | Twin Disc Japan (a Japanese corporation) |
Twin Disc, Incorporated also owns 66% of Twin Disc Nico Co. LTD. (a Japanese corporation).
The registrant has no parent nor any other subsidiaries. All of the above subsidiaries are included in the consolidated financial statements.