EXHIBIT 20


FROM:     Applied Power Inc.; P.O. Box 325; Milwaukee, WI
          53201

DATE:     Friday, March 3, 1995

FOR RELEASE:   Immediate

FOR FURTHER INFORMATION, CONTACT:  Robert C. Arzbaecher

             APPLIED POWER ANNOUNCES REFINANCING


     MILWAUKEE, March 3, 1995 -- Applied Power Inc. (APW -
NYSE) announced that it will be refinancing all $64 million
of its 9.92% Senior Unsecured Notes on March 30, 1995.  The
Senior Unsecured Notes will be replaced by variable rate
borrowings which will be accommodated by an expansion of an
existing credit facility.  "Applied Power's recent and
projected cashflow and debt reductions necessitate the
replacement of our unsecured notes, which have fixed
redemptions over the next six years.  By replacing this debt
now, Applied Power will have better flexibility as to
repayment and placement of debt around the world," commented
Richard G. Sim, Chairman and CEO.
     At current interest rates and debt levels, this change
would benefit Applied Power's earnings per share by
approximately $0.12 per year.  The actual benefits will vary
depending on future interest rate movements.  The Company
will be recording a net extraordinary charge of
approximately $5 million in the quarter ending February 28,
1995 as a result of the early extinguishment of the Senior
Unsecured Notes.  The extraordinary charge includes a "make
whole" payment and the write-off of deferred costs related
to the Senior Unsecured Notes.
     In an unrelated matter, the Company announced that its
results for the second quarter of Fiscal 1995, to be
announced on March 23, will include a foreign exchange loss
of approximately $1.3 million, or $0.06 per share, resulting
from the recent devaluation of the Mexican peso.  Applied
Power S.A. de C.V., the Company's Mexican subsidiary, had
certain U.S. dollar denominated liabilities which were
impacted by the devaluation.  Within the last month, Applied
Power has restructured the debt of its Mexican subsidiary
such that any potential additional Mexican peso devaluation
is not expected to have a material impact on earnings.
     Applied Power is a world leader in industrial motion
and position control applications and a pioneer in the
marriage of hydraulic and vibration technologies with
electronics.  The Company is comprised of two business
groups and the Wright Line unit.  The Engineered Solutions
Group, which includes the Power-Packer, APITECH and Barry
Controls businesses, serves the automotive, truck, mobile
equipment, marine, medical equipment, defense and aerospace
markets.  The Distributed Products Group, consisting of
Enerpac and GB Electrical, provides a wide variety of high
pressure hydraulic products and electrical tools and
consumables worldwide.  The Wright Line business provides
technical furniture solutions for offices and laboratories.

For further information contact:
Applied Power Inc.
Robert C. Arzbaecher
Vice President and Chief Financial Officer
414/781-6600