Applied Power Inc. Announces Receipt of Requisite Consents in Debt Tender and Consent Solicitation

Business Editors

WAUKESHA, Wis.--(BUSINESS WIRE)--July 17, 2000

Applied Power Inc. (NYSE:APW) announced that, as of 5:00 PM, New York City Time, on July 14, 2000, it had received consents sufficient to amend the indenture governing its outstanding 8.75% Senior Subordinated Notes due 2009 (the "Notes") pursuant to a tender offer and consent solicitation launched on June 30, 2000.

Accordingly, as soon as practicable, Applied Power Inc. and the trustee under the indenture will execute a supplemental indenture implementing the amendments, which will eliminate substantially all of the restrictive covenants contained in the indenture. The amendments implemented by the supplemental indenture will not become effective until Applied Power Inc. accepts and pays for the tendered Notes following the expiration of the offer to purchase the Notes at 12:00 midnight, New York City Time, on July 28, 2000, unless extended. The obligation of Applied Power Inc. to accept tendered Notes is subject to certain conditions set forth in the Offer to Purchase and Consent Solicitation Statement previously sent to holders of Notes.

Holders wishing to tender their Notes should do so by the July 28 expiration date and follow the instructions in the original Offer to Purchase and Consent Solicitation Statement and related Letter of Transmittal and Consent. As described in the Offer to Purchase and Consent Solicitation Statement, holders who have tendered their Notes after the consent payment deadline of July 14, 2000 will not be entitled to receive the consent payment of $20 per $1,000 principal amount of Notes, but will be entitled to receive the other components of the purchase price for the Notes.

Goldman, Sachs & Co. are acting as the dealer managers and D.F. King & Co., Inc. is acting as information agent in connection with the tender offer. The depositary for the tender offer is Bank One Trust Company, N.A. Copies of the Offers to Purchase and Consent Solicitation Statements and additional information concerning the terms of the tender offer may be obtained by contacting D.F. King & Co., Inc. at (212) 269-5550 (Banks and Brokers) or (800) 207-2014 (Others) and Goldman, Sachs & Co. at (877) 686-5059 (toll free) or (212) 357-6380 (collect).

About Applied Power Inc.

Applied Power Inc., headquartered in Waukesha, Wisconsin, is a global company comprised of two business segments. Electronics supplies electronic enclosures, power supplies, thermal systems, backplanes, and cabling either as products or integrated as a system supplied along with new product design, supply chain management, assembly and test services. Industrial is composed of standard and customized OEM products sold to a wide array of end users through distribution or directly into a variety of niche markets.

For further information contact: Applied Power Inc. Susan Hrobar, Vice President 262-523-7600

Safe Harbor Statement

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these projections are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Applied Power's results are also subject to general economic conditions, continued market acceptance of the Company's new product introductions, the successful integration of recent acquisitions, operating margin risk due to competitive pricing, foreign currency fluctuations and interest rate risk.

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