APPLIED POWER INC
SC 13G/A, 1999-02-16
MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION

                             Washington D.C.  20549



                                 SCHEDULE 13G/A

                   Under the Securities Exchange Act of 1934
                               (Amendment No. 4)


                               APPLIED POWER INC.
                               ------------------
                                (Name of Issuer)

                     Class A Common Stock,  $.20 Par Value
                     -------------------------------------
                         (Title of Class of Securities)


                                  038225 10 8
                                  -----------
                                  (CUSIP No.)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).

                                  Page 1 of 7
<PAGE>
 
CUSIP No.  038225 10 8

- --------------------------------------------------------------------------------

(1)  Name of reporting person.         Richard G. Sim

- --------------------------------------------------------------------------------

(2)  Check the appropriate box         (a) [ ]
     if a member of a group.           (b) [ ]
- --------------------------------------------------------------------------------
 
(3)  SEC use only.

- --------------------------------------------------------------------------------
 
(4)  Citizenship or place
     of organization.                  United States of America

- --------------------------------------------------------------------------------
 
Number of shares      (5)  Sole voting power.              1,694,300
beneficially          (6)  Shared voting power.            0
owned by each         (7)  Sole dispositive power.         1,694,300
reporting             (8)  Shared dispositive power.       0
person with:

- --------------------------------------------------------------------------------
 
(9)  Aggregate amount beneficially
     owned by each reporting person.                       1,694,300

- --------------------------------------------------------------------------------

(10) Check if the aggregate amount
     in Row (9) excludes certain shares. [ ]

- --------------------------------------------------------------------------------

(11) Percent of class represented
     by amount in Row (9).                                 4.3%

- --------------------------------------------------------------------------------

(12) Type of reporting person.                             IN

- --------------------------------------------------------------------------------

                                  Page 2 of 7
<PAGE>
 
                        SCHEDULE 13G/A - AMENDMENT NO. 4
                                 RICHARD G. SIM
                               APPLIED POWER INC.

Item 1.

     (a)  Name of Issuer:
          -------------- 

          Applied Power Inc.

     (b)  Address of Issuer's Principal Executive Offices:
          ----------------------------------------------- 

          13000 West Silver Spring Drive
          Butler, Wisconsin 53007


Item 2.

     (a)  Name of Person Filing:
          --------------------- 

          Richard G. Sim

     (b)  Address of Principal Business Office or, if none, Residence:
          ----------------------------------------------------------- 

          c/o Applied Power Inc.
          13000 West Silver Spring Drive
          Butler, Wisconsin 53007

     (c)  Citizenship:
          ----------- 

          United States of America

     (d)  Title of Class of Securities:
          ---------------------------- 

          Class A Common Stock, $.20 par value

     (e)  CUSIP No.:
          --------- 

          038225 10 8

                                  Page 3 of 7
<PAGE>
 
Item 3.

          If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
     check whether the person filing is a:
 
     (a)  [ ]  Broker or dealer registered under section 15 of the Act.
 
     (b)  [ ]  Bank as defined in section 3(a)(6) of the Act.
 
     (c)  [ ]  Insurance company as defined in section 3(a)(19) of the Act.
 
     (d)  [ ]  Investment company registered under section 8 of the Investment
               Company Act.
 
     (e)  [ ]  Investment adviser registered under section 203 of the Investment
               Advisers Act of 1940.

     (f)  [ ]  Employee benefit plan, pension fund which is subject to the
               provisions of the Employee Retirement Income Security Act of 1974
               or endowment fund; see (S)240.13d-1(b)(1)(ii)(F).

     (g)  [ ]  Parent holding company, in accordance with (S)240.13d-1(b)(ii)(G)
               (Note: See Item 7).

     (h)  [ ]  Group, in accordance with (S)240.13d-1(b)(1)(ii)(H).

     Not Applicable.


Item 4.   Ownership (at December 31, 1998).

     (a)  Amount Beneficially Owned:
          ------------------------- 

          1,694,300 shares

     (b)  Percent of Class:
          ---------------- 

          4.3% (based upon the 38,655,304 shares of Class A Common Stock
          outstanding listed on the proxy statement for the 1999 Annual Meeting
          and exercisable options for 893,442 additional shares).

                                  Page 4 of 7
<PAGE>
 
     (c)  Number of shares as to which such person has:
          -------------------------------------------- 

            (i)   Sole power to vote or to direct the vote.

                       1,694,300 shares (includes options to purchase 893,442
                       shares exercisable currently or within 60 days after
                       December 31, 1998, and 5,030 shares allocated to the
                       account of the undersigned in Applied Power Inc.'s
                       Employee Stock Ownership Plan).

            (ii)  Shared power to vote or to direct the vote.

                       0 shares

            (iii) Sole power to dispose or to direct the disposition of.

                       1,694,300 shares (includes options to purchase 893,442
                       shares exercisable currently or within 60 days after
                       December 31, 1998, and 5,030 shares allocated to the
                       account of the undersigned in Applied Power Inc.'s
                       Employee Stock Ownership Plan).

            (iv)  Shared power to dispose or direct the disposition of.

                       0 shares

Item 5.   Ownership of Five Percent or Less of a Class.

          If this statement is being filed to report the fact that as of the
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following: [X]

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

          Not applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
          Security Being Reported on By the Parent Holding Company.

          Not applicable.

Item 8.   Identification and Classification of Members of the Group.

          Not applicable.

                                  Page 5 of 7
<PAGE>
 
Item 9.   Notice of Dissolution of Group.

          Not applicable.

Item 10.  Certification.

          Not Applicable.

                                  Page 6 of 7
<PAGE>
 
                                   SIGNATURE


     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


     Date: February 5, 1999



                                            /s/ Richard G. Sim
                                      -----------------------------------
                                             Richard G. Sim

                                  Page 7 of 7


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