EXHIBIT 12


APPLIED POWER INC.
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

<TABLE>    
<CAPTION>
                                                                                      EARNINGS TO FIXED CHARGES
                                                                                  (IN THOUSANDS, EXCEPT RATIO DATA)
                                             
                                                                                          YEAR ENDED AUGUST 31,
                                               -----------------------------------------------------------------------------------
                                                Three Months Ended
                                                November 30, 1998(1)(2)    1998(3)       1997         1996        1995      1994
                                               -----------------------------------------------------------------------------------
<S>                                            <C>                         <C>         <C>          <C>         <C>        <C>
Net Earnings from continuing operations               $16,401              $26,687     $ 57,925     $50,679     $39,830    $29,747
Add Income Tax Expense                                  9,802               30,698       31,299      26,735      21,269     16,514
Add Interest Expense (4)                               13,899               28,531       16,158       7,892       9,250     10,859
Portion of Rent deemed interest factor (5)              2,020                6,639        4,747       4,223       4,331      4,462
                                               -----------------------------------------------------------------------------------
     Total Earnings Available                                                                                            
     for Fixed Charges                                $42,122              $92,555     $110,129     $89,529     $74,680    $61,582
                                               ===================================================================================
Fixed Charges:                                                                                                           
Interest Expense (4)                                  $13,899              $28,531     $ 16,158     $ 7,892     $ 9,250    $10,859
Portion of Rent deemed interest factor (5)              2,020                6,639        4,747       4,223       4,331      4,462
                                               -----------------------------------------------------------------------------------
     Total Fixed Charges                              $15,919              $35,170     $ 20,905     $12,115     $13,581    $15,321
                                               ===================================================================================
Ratio of Earnings to Fixed Charges                        2.6                  2.6          5.3         7.4         5.5        4.0
                                               ===================================================================================
</TABLE>    
            
_______________  
                 
     The ratios reflect the combined results of operations and financial
     position of the Company and ZERO Corporation, acquired by merger on July
     31, 1998, restated for all periods presented pursuant to the pooling-of-
     interests method of accounting, and reflect the results of other acquired
     companies from their respective effective dates of acquisition in
     accordance with the purchase method of accounting.
   
(1)  The Company's business has historically experienced the effects of
     seasonality where the second half of the fiscal year generally produces
     better results than the first half. The results for the first quarter ended
     November 30, 1998, are not necessarily indicative of full year results.    

   
(2)  Net earnings for the three month period ended November 30, 1998, include a
     one-time pre-tax contract termination charge of $7,824. Excluding this
     charge and the related tax benefit, the ratio of earnings to fixed charges
     would have been 3.1.     
    
(3)  1998 net earnings include a non-recurring restructuring charge of $52,637
     which related to merger costs, various plant consolidations, and other cost
     reductions and product rationalization efforts of the Company. Excluding
     this charge and the related tax benefit, the ratio of earnings to fixed
     charges would have been 4.6.
     
    
(4)  Interest Expense consists of interest on indebtedness and amortization of
     debt expense.
     
    
(5)  33% of rental expense is deemed representative of the interest factor.