<PAGE>

                                                                    Exhibit 99.1
[LOGO of apw]
FOR IMMEDIATE RELEASE
Contacts:    APW Ltd.
             Mike Gasick
             262-523-7631

                      APW Ltd. Announces Amendments to its
                         Multi-Currency Credit Facility

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

         St. Michael, Barbados, September 27, 2001 - APW Ltd. (NYSE: APW), a
leading Technically Enabled Manufacturing Services "TEMS" Company, announced
today the amendment of certain covenants to its existing Multi-Currency credit
facility. The amendments provide APW the ability to expand its current
restructuring efforts beyond those previously announced. The amendments also
provide APW greater opportunity to benefit from potential future capital raising
initiatives.

         Included in the amendments are provisions that allow APW to record up
to an additional $25 million of non-recurring charges associated with
restructuring initiatives. The amendments also permit additional plant
consolidations.

         Certain other financial covenants were also amended, including sales,
EBITDA and free cash flow. Although APW was in complete compliance with all
covenants prior to these amendments, the Company approached the Lending Group to
revise the covenants to better reflect the current economic environment.

         Rick Carroll, Vice President and Chief Financial Officer for APW Ltd.
commented, "We are very pleased with the high level of cooperation between APW
and our Lending Group that allowed us to quickly amend the original covenants.
APW's ability to produce the significant economic benefits from our
restructuring initiatives was a key factor in getting these amendments approved
by the Lending Group. These amendments give APW the ability to take additional
restructuring actions in response to the uncertainties in the current economic
environment and to protect the positive financial progress the Company has made,
going forward."

<PAGE>

         Carroll continued, "Other revisions were made in anticipation of
possible future strategic operating decisions. For example, net proceeds from
the sale of a business or from external equity raising transactions will now
create additional borrowing availability for APW. These types of modifications
provide APW greater flexibility in meeting potential future capital
requirements."

         The complete Amendment to the Amended and Restated Multi-Currency
Credit Facility is expected to be filed as an exhibit to Form 8-K with the SEC
by the close of business October 2, 2001.



Multi-Currency Credit Agreement Conference Call
-----------------------------------------------

         On Friday, September 28, at 8:00 a.m. Central time (9:00 a.m. Eastern)
APW Ltd. will conduct a brief conference call to discuss these amendments and
respond to questions. To participate in the call, dial Global Crossing at
212-896-6095, both domestic and international. If you cannot join in the call, a
taped replay will be available from 10:00 a.m. Central time on September 28,
until 10:00 a.m. Central time on October 5, 2001. To access the taped replay,
call Global Crossing at 858-812-6440 and enter reservation number 19792883.


IMPORTANT, PLEASE NOTE THE FOLLOWING CHANGE:
--------------------------------------------


Q4 Earnings Release Conference Call - Change in Dial-in Number
--------------------------------------------------------------

         As previously announced, on Monday, October 1, 2001, APW will release
its financial results for its fourth quarter ended August 31, 2001 and conduct a
conference call at 4:30 p.m. Central time (5:30 p.m. Eastern). HOWEVER, please
note there is a change in phone number for dial-in participation. Please call
646-862-1039, both domestic and international. The taped replay will be
------------
available, from 6:30 p.m. Central time on October 1, until 6:30 p.m. Central
time on October 15, 2001, by dialing Global Crossing at 858-812-6440 and
entering reservation number 19613258. Our apologies for any inconvenience this
change may cause.

<PAGE>

About APW Ltd.
--------------

         APW Ltd. is a Technically Enabled Manufacturing Services ("TEMS")
company that designs and manufactures large, complex infrastructure products for
OEM's in the communications, large enterprise hardware and Internet markets. APW
Ltd. has particular skills in the areas of manufacturing enclosures, thermal
management, backplanes and power supplies; as well as core competencies in
product and system design, integration and supply chain management. APW Ltd.
operates in over 40 locations throughout North America, South America, Europe
and Asia.

         For further information contact:
         APW Ltd.
         Mike Gasick
         262-523-7631
         www.apw.com
         -----------


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 statements 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. APW Ltd.'s results
are also subject to general economic conditions, market conditions in the
computer, semiconductor, telecommunications, and electronic industries in North
America, South America, Europe and Asia, continued market acceptance of APW's
existing products and new product introductions, the successful integration of
recent and pending acquisitions, competitive product and pricing pressures,
foreign currency risk, interest rate risk, and APW's ability to access capital
markets. See our Form 10 and Form S-3 for further information on risk factors.