GIDDINGS & LEWIS INC /WI/
11-K, 1994-06-29
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 11-K


        /X/    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934 
               For the fiscal year ended December 31, 1993

               or
        / /    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934 
               For the transition period from ____________________ 
               to______________________

   Commission File Number:  0-17873

             A.   Full title of the plan and address of the
                  plan, if different from that of the issuer
                  named below:

                  THE KEARNEY & TRECKER RETIREMENT SAVINGS PLAN

             B.   Name of issuer of the securities held
                  pursuant to the plan and the address of its
                  principal executive office:

                             GIDDINGS & LEWIS, INC.
                                 142 Doty Street
                          Fond du Lac, Wisconsin  54935

   <PAGE>
                              REQUIRED INFORMATION

             The following financial statements and schedules of The Kearney
   & Trecker Retirement Savings Plan, prepared in accordance with the
   financial reporting requirements of the Employee Retirement Income
   Security Act of 1974, as amended, are filed herewith.  [Financial
   statements and schedules accompanying the filing made with the Securities
   and Exchange Commission via EDGAR were filed in hard copy under cover of
   Form SE.]

   <PAGE>

                                   SIGNATURES

             The Plan. Pursuant to the requirements of the Securities
   Exchange Act of 1934, the Giddings & Lewis, Inc. Pension Committee, which
   administers the Plan, has duly caused this Annual Report to be signed on
   its behalf by the undersigned, thereunto duly authorized, in the City of
   Fond du Lac, and State of Wisconsin, on this 28th day of June, 1994.

                                 THE KEARNEY & TRECKER RETIREMENT
                                  SAVINGS PLAN



                                 /s/ Joseph R. Coppola               
                                 Joseph R. Coppola


                                 /s/ Thomas W. Grebe                 
                                 Thomas W. Grebe


                                 /s/ Paul G. Holland                 
                                 Paul G. Holland


                                 /s/ Robert D. Kamphuis              
                                 Robert D. Kamphuis


                                 /s/ Gary L. Kastein                 
                                 Gary L. Kastein


                                 /s/ Robert N. Kelley                
                                 Robert N. Kelley


                                 /s/ Richard C. Kleinfeldt           
                                 Richard C. Kleinfeldt


                                 The foregoing persons are all of the members
                                 of the Giddings & Lewis, Inc. Pension
                                 Committee which is the administrator of The
                                 Kearney & Trecker Retirement Savings Plan.

   <PAGE>
                                  EXHIBIT INDEX

                  THE KEARNEY & TRECKER RETIREMENT SAVINGS PLAN

                                    FORM 11-K


   Exhibit No.                                       Exhibit

      (23)                                           Consent of
                                                     Ernst & Young



                                                                   Exhibit 23





   CONSENT OF ERNST & YOUNG, INDEPENDENT AUDITORS

   We consent to the incorporation by reference in the Registration Statement
   (Form S-8 No. 33-44518) pertaining to The Kearney & Trecker Retirement
   Savings Plan (the Plan) of Giddings & Lewis, Inc. of our report dated
   May 25, 1994, with respect to the financial statements and schedules of
   the Plan included in this Annual Report (Form 11-K) for the year ended
   December 31, 1993.



                                                                ERNST & YOUNG

   Milwaukee, Wisconsin
   June 27, 1994


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