EXHIBIT 12
 
                           CINCINNATI MILACRON INC.
               CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                  (UNAUDITED)
 
 


                                     1994   1993      1992   1991      1990
                                     ----- ------     ----- ------     -----
                                          (DOLLARS IN MILLIONS)
                                                        
Earnings:
Income (loss) before taxes.........  $48.9 $(37.2)    $27.0 $(73.4)    $(7.8)
Add fixed charges (see below)......   25.0   21.7      22.4   21.9      23.4
Other adjustments(a)...............    --     --        --     (.4)     (1.2)
                                     ----- ------     ----- ------     -----
Earnings as defined................  $73.9 $(15.5)    $49.4 $(51.9)    $14.4
                                     ===== ======     ===== ======     =====
Fixed Charges:
Interest expense...................  $17.9 $ 15.7     $19.1 $ 19.1     $19.7
Other adjustments(a)...............    7.1    6.0       3.3    2.8       3.7
                                     ----- ------     ----- ------     -----
Fixed charges as defined...........  $25.0 $ 21.7     $22.4 $ 21.9     $23.4
                                     ===== ======     ===== ======     =====
Ratio of earnings to fixed charges.    3.0 $(37.2)(b)   2.2 $(73.8)(c) $(9.0)(d)
                                     ===== ======     ===== ======     =====

- --------
(a) Other adjustments in the earnings computation represents capitalized
    interest. Other adjustments in the fixed charges computation represents
    capitalized interest and a portion of rental expense representative of an
    interest factor.
(b) The deficiency of $37.2 million in fiscal year 1993 resulted from a charge
    of $47.1 million for the consolidation of domestic machine tool
    manufacturing operations and charges totaling $22.8 million for the
    disposition of the Company's Sano business.
(c) The deficiency of $73.8 million in fiscal year 1991 resulted from a charge
    of $75.1 million for plant closing and the relocation of certain machine
    tool manufacturing operations.
(d) The deficiency of $9.0 million in fiscal year 1990 resulted from a charge
    of $26.6 million for product discontinuance and the reorganization of
    grinding machine and certain other machine tool manufacturing operations.
 
NOTE:
 
The ratio of earnings to fixed charges is calculated by dividing fixed charges
into the sum of income before taxes and fixed charges. Fixed charges consist
of interest expense, including capitalized interest and a portion of rental
expense representative of an interest factor.