EXHIBIT 10


          NEWS RELEASE
          FOR IMMEDIATE RELEASE

          CONTACTS:
          FOR THYSSEN AG:                    FOR GIDDINGS & LEWIS, INC.:
          Media Contact:                     Media Contact:
          Pascale Wiedenroth                 Patricia Meinecke
          (011-49-211) 824-36677             (414) 929-4212

          Investor Contact:                  Investor Contact:
          Konrad Tamschick                   Douglas Barnett
          (011-49-211) 824-38347             (414) 929-4374


          THYSSEN AG COMMENCES $21 PER SHARE ALL-CASH TENDER OFFER
          FOR GIDDINGS & LEWIS

          FOND DU LAC, WI, JUNE 18, 1997 -- GIDDINGS & LEWIS, INC.
          (NASDAQ:  GIDL) announced today that a subsidiary of
          Thyssen AG commenced its all-cash tender offer for all
          shares of Giddings & Lewis, Inc. at a price of $21 per
          share.

                    The two companies previously announced on
          Thursday, June 12, that they had signed a definitive
          merger agreement for the acquisition of Giddings & Lewis
          by Thyssen.  The Giddings & Lewis Board of Directors
          unanimously approved this transaction and recommends that
          all shareholders tender their shares to Thyssen.

                    Tender offer materials have been filed with the
          U.S. Securities and Exchange Commission and are being
          mailed today to holders of Giddings & Lewis shares.

                    The tender offer and withdrawal rights will
          expire at 12:00 midnight (New York City Time), July 16,
          1997, unless extended.  The offer is conditioned upon,
          among other things, there being validly tendered and not
          withdrawn shares representing at least a majority of the
          outstanding shares, and the receipt of certain regulatory
          approvals.  Following the completion of the tender offer,
          Thyssen AG will consummate a second step merger in which
          remaining Giddings & Lewis shareholders will also receive
          $21 per share in cash.

                    Shareholders with questions about the tender
          offer may call the information agent for the offer,
          Morrow & Co. Inc., at 800-566-9061.

                    Headquartered in Fond du Lac, Wisconsin,
          Giddings & Lewis is the largest supplier of industrial
          automation products and machine tools in North America,
          and among the largest in the world.  The company serves
          customers worldwide with products and services to improve
          manufacturing productivity.

                    Thyssen AG, headquartered in Duesseldorf, is
          one of Germany's biggest industrial and commercial
          enterprises with $26.2 billion in annual revenues and
          approximately 113,000 employees around the world. 
          Thyssen has around 320 companies in Germany, the US and
          numerous other countries.  Thyssen AG, through its
          subsidiaries, offers capital goods and manufactured
          products, manufactures steel products and provides
          trading and services such as logistics, distribution of
          production materials and waste management, and lately
          cellular telephony.  The capital goods include automation
          systems, machine tools, elevators and automotive
          supplies.