EXHIBIT 23


                         CONSENT OF INDEPENDENT AUDITORS


We consent to the  incorporation  by reference in this Annual Report (Form 10-K)
of Baldor Electric  Company and affiliates of our report dated February 4, 2000,
included in the 1999 Annual Report to Shareholders  of Baldor  Electric  Company
and affiliates.

Our audits also included the  financial  statement  schedule of Baldor  Electric
Company and affiliates listed in Item 14(a). This schedule is the responsibility
of the Company's  management.  Our responsibility is to express an opinion based
on our audits.  In our opinion,  the financial  statement  schedule  referred to
above, when considered in relation to the basic financial  statements taken as a
whole,  presents  fairly in all  material  respects  the  information  set forth
therein.

We also consent to the incorporation by reference in the Registration Statements
(Form S-8, No. 2-77046) pertaining to the Baldor Electric Company 1982 Incentive
Stock Option Plan,  (Form S-8, No.  33-16766)  pertaining to the Baldor Electric
Company 1987 Incentive Stock Plan,  (Form S-8, No.  33-28239)  pertaining to the
Baldor  Electric  Company  Employee  Savings  Plan,  (Form  S-8,  No.  33-36421)
pertaining  to  the  Baldor   Electric   Company  1989  Stock  Option  Plan  for
Non-Employee  Directors,  (Forms  S-8,  No.  33-59281,  No.  33-60731,  and  No.
333-62331)  pertaining to the Baldor Electric Company 1994 Incentive Stock Plan,
(Form S-8, No.  333-33109)  pertaining to the Baldor Electric Company 1996 Stock
Option Plan for Non-Employee Directors, and (Form S-8, No. 333-33287) pertaining
to the Baldor Electric Company Employees' Profit Sharing and Savings Plan of our
report  dated  February  4, 2000,  with  respect to the  consolidated  financial
statements  incorporated  herein by  reference,  and our report  included in the
preceding paragraph with respect to the financial statement schedule included in
this Annual Report (Form 10-K) of Baldor Electric Company and affiliates.


Ernst & Young LLP

/s/  Ernst & Young LLP
- ----------------------

Little Rock, Arkansas
March 22, 2000