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                                                                    EXHIBIT 23.2
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
   
We hereby consent to the use in the Prospectus constituting part of Amendment
No. 1 to this Registration Statement on Form S-3 (No. 33-58881) 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). We also consent to the reference to us under the
heading "Experts" in such Prospectus.
    
 
Price Waterhouse
 
Parramatta, Australia
   
June 5, 1995