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EXHIBIT 21
to Registrant's Report on Form 10-K
for the year-ended June 30, 1997
SUBSIDIARIES OF THE REGISTRANT Jurisdiction
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Baldwin Americas Corporation Delaware
Baldwin Europe Consolidated Inc. Delaware
Baldwin Asia Pacific Corporation Delaware
Baldwin Technology Limited Bermuda
Baldwin Davlin Finishing Systems, Inc. Delaware
SUBSIDIARIES OF BALDWIN AMERICAS CORPORATION
Baldwin Technology Corporation Connecticut
Enkel Corporation Delaware
Baldwin Graphic Systems, Inc. Delaware
SUBSIDIARIES OF BALDWIN TECHNOLOGY CORPORATION
Kansa Corporation Kansas
SUBSIDIARIES OF ENKEL CORPORATION
Enkel International Sales Corporation Illinois
Enkel Foreign Sales Corporation US Virgin Island
SUBSIDIARIES OF BALDWIN EUROPE CONSOLIDATED INC.
Baldwin Europe Consolidated BV Netherlands
Baldwin Technology France SA France
SUBSIDIARIES OF BALDWIN EUROPE CONSOLIDATED BV
Baldwin Graphic Equipment BV Netherlands
Baldwin German Capital Holding GmbH Germany
Baldwin U.K. Holding Limited United Kingdom
BS Holding AB Sweden
Graphics Financing Ireland Limited Ireland
Baldwin France Sarl France
SUBSIDIARIES OF BALDWIN GERMAN CAPITAL HOLDING GMBH
Baldwin Grafotec GmbH Germany
Baldwin Auslandsbeteiligungs Holding GmbH Germany
Jimek Grafotec GmbH Germany
SUBSIDIARIES OF BALDWIN U.K. HOLDING LIMITED
Baldwin (UK) Ltd. United Kingdom
Grafotoc UK Ltd. United Kingdom
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SUBSIDIARIES OF BS HOLDING AB
Amal AB Sweden
IVT Graphics AB Sweden
Jimek AB Sweden
SUBSIDIARIES OF GRAPHICS FINANCING IRELAND LIMITED
Altoste Ireland Ireland
SUBSIDIARIES OF BALDWIN GRAFOTEC GMBH
Baldwin Gegenheimer Ltd. United Kingdom
SUBSIDIARIES OF BALDWIN AUSLANDSBETEILIGUNGS HOLDING GMBH
Baldwin Hungaria Ltd. Hungary
SUBSIDIARIES OF IVT GRAPHICS AB
Jimek International AB Sweden
SUBSIDIARIES OF BALDWIN ASIA PACIFIC CORPORATION
Baldwin Asia Pacific Ltd. Hong Kong
Baldwin Japan Ltd. Japan
Baldwin Printing Control Equipment (Beijing) Company, Ltd. China
BAP VC Limited British Virgin
Islands
SUBSIDIARIES OF BALDWIN ASIA PACIFIC LTD
Baldwin Graphic Equipment Pty. Ltd. Australia
Baldwin Printing Controls Ltd. Hong Kong
SUBSIDIARIES OF BALDWIN JAPAN LTD.
Baldwin-Japan Trading Ltd. Japan