1
 
                                                                    EXHIBIT 23.2
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
We hereby consent to the incorporation by reference in the Prospectus
constituting part of this Registration Statement on Form S-3 of our report dated
March 27, 1995 relating to the consolidated financial statements of The Lincoln
Electric Company (Australia) Proprietary Limited and subsidiaries (not presented
separately herein) appearing on page 18 of The Lincoln Electric Company's Annual
Report on Form 10-K for the year ended December 31, 1994. We also consent to the
reference to us under the heading "Experts" in such Prospectus.
 
Price Waterhouse
 
Parramatta, Australia
April 25, 1995