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                                                                   Exhibit 10.33

                               ACTUANT CORPORATION

                           CHANGE IN CONTROL AGREEMENT
                                       FOR
                                WILLIAM BLACKMORE

     This Agreement is made as of November 15, 2002 (the "Effective Date"),
between Actuant Corporation (the "Corporation"), a Wisconsin corporation and
William Blackmore (the "Executive").

     WHEREAS, the Executive is a valued employee of the Corporation; and

     WHEREAS, the Corporation desires to enter into this Change in Control
Agreement with the Executive to provide the Executive with contractual
assurances to induce the Executive to remain as an employee of the Corporation
notwithstanding the possibility, threat or occurrence of a Change in Control (as
defined below) of the Corporation.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Executive and the Corporation agree as follows:

     1. Employment and Duties. The Corporation hereby employs Executive as
Vice-President, Engineered Solutions - Americas, with all powers and authority
as are customary to this position, and Executive hereby accepts employment with
the Corporation in accordance with the terms and conditions set forth herein.
Executive shall have such executive responsibilities as is customary with this
position and as the Corporation's Board of Directors or the President (as the
case may be) shall from time to time assign to him. Executive agrees to devote
his full time (excluding annual vacation time), skill, knowledge, and attention
to the business of the Corporation and the performance of his duties under this
Agreement.

     2. Termination, Bonus, and Severance Pay.

          a. As used in this Agreement, a Change in Control means:

               (i) a sale of over 50% of the stock of the Corporation measured
          in terms of voting power, other than in a public offering; or

               (ii) the sale by the Corporation of over 50% of its business or
          assets in one or more transactions over a consecutive 12-month period;
          or

               (iii) a merger or consolidation of the Corporation with or into
          any other corporation or corporations such that the shareholders of
          the Corporation prior to the merger or consolidation do not own at
          least 50% of the surviving entity measured in terms of voting power;
          or

               (iv) the acquisition by any means of more than 25% of the voting
          power or common stock of the Corporation by any person or group of
          persons

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          (with group defined by the definitions under Section 13(d)(3) of the
          Securities Exchange Act of 1934, as amended); or

               (v) the election of directors constituting a majority of the
          Corporation's board of directors pursuant to a proxy solicitation not
          recommended by the Corporation's board of directors.

          b. As used in this Agreement, a Triggering Event means:

               (i) (a) reducing the base salary paid to the Executive or (b) a
          material reduction in Executive's bonus opportunity or (c) reducing
          the total aggregate value of the fringe benefits received by the
          Executive from the levels received by the Executive at the time of a
          Change in Control or during the 180 day period immediately preceding
          the Change in Control; or

               (ii) a material change in the Executive's position or duties or
          the Executive's reporting responsibilities from the levels existing at
          the time of a Change in Control or during the 180 day period
          immediately preceding the Change in Control; or

               (iii) a change in the location or headquarters where the
          Executive is normally expected to provide services to a location of 40
          or more miles from the previous location existing at the time of the
          Change in Control or during the 180 day period immediately preceding
          the Change in Control.

          c. If the Corporation terminates Executive's employment within the
     period beginning six months prior to a Change in Control and ending 24
     months following a Change in Control or Executive voluntarily terminates
     his services following a Triggering Event that occurs within 24 months
     following the date of a Change in Control, the Corporation shall pay to the
     Executive a lump sum equal to the sum of (a) the amount of the highest per
     annum base rate of salary in effect with respect to the Executive during
     the two-year period immediately prior to the termination of employment plus
     (b) the amount of the highest annual bonus or incentive compensation earned
     by the Executive under any cash bonus or incentive compensation plan of the
     Corporation during the three complete fiscal years of the Corporation
     immediately preceding the termination of employment. Such lump sum shall be
     paid by the Corporation to the Executive within twenty days after the
     Executive's termination of employment. In addition, the Corporation, at the
     Corporation's cost, shall continue to provide Executive with the welfare
     benefits and other perquisites Executive was receiving at the time of the
     Change in Control for a period of one year following Executive's
     termination of employment or such earlier date as Executive becomes
     employed by another employer and becomes eligible for welfare benefits. For
     purposes hereof, perquisites will include the Executive's right to lease a
     car or a car allowance, as the case may be.

          d. Notwithstanding any provision herein, no amounts will be due under
     this Agreement in the event the Executive's employment is terminated by the
     Corporation for cause. The term "for cause" shall mean solely the following
     events:

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               (i) Executive has been convicted of a felony which has adversely
          affected the Corporation's reputation;

               (ii) Executive has materially misappropriated the Corporation's
          funds, property or opportunities; or

               (iii) Executive has materially breached any of the provisions of
          this Agreement after having been provided by written notice a
          reasonable opportunity (not less than 15 business days) to cure such
          breach.

     3. Certain Additional Payments by the Corporation.

          a. In the event it shall be determined that the severance benefits
     payable to Executive under this Agreement or any other payments or benefits
     received or to be received by the Executive (whether payable pursuant to
     the terms of this Agreement, any other plan, agreement or arrangement) (the
     "Payments") would be subject to the excise tax imposed by Section 4999 of
     the Internal Revenue Code of 1986, as amended (the "Code") or any interest
     or penalties are incurred by the Executive with respect to such excise tax
     (such excise tax, together with any such interest and penalties, are
     hereinafter collectively referred to as the "Excise Tax"), then the
     Executive shall be entitled to receive an additional payment (a "Gross-Up
     Payment"). The Gross-Up Payment shall be in an amount such that after
     payment by the Executive of all taxes (including any interest or penalties
     imposed with respect to such taxes), including, without limitation, any
     income taxes (and any interest and penalties imposed with respect thereto)
     and excise tax imposed on the Gross-Up Payment, the Executive retains an
     amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
     Payments.

          b. Subject to the provisions of paragraph c. of this Section 3, all
     determinations required to be made under this Section 3, including whether
     and when a Gross-Up Payment is required and the amount of such Gross-Up
     Payment and the assumptions to be utilized in arriving at such
     determination, shall be made by a certified public accounting firm
     designated by the Executive (the "Accounting Firm"), which shall provide
     detailed supporting calculations both to the Corporation and the Executive
     within twenty business days of the receipt of notice from the Executive
     that there has been a Payment, or such earlier time as is requested by the
     Corporation. All fees and expenses of the Accounting Firm shall be borne
     solely by the Corporation. Any Gross-Up Payment, as determined pursuant to
     this Section 3, shall be paid by the Corporation to the Executive within
     five days of the receipt of the Accounting Firm's determination. Any
     determination by the Accounting Firm shall be binding upon the Corporation
     and the Executive. As a result of the uncertainty in the application of
     Section 4999 of the Code at the time of the initial determination by the
     Accounting Firm hereunder, it is possible that Gross-Up Payments which will
     not have been made by the Corporation should have been made
     ("Underpayment"), consistent with the calculations required to be made
     hereunder. In the event that the Corporation exhausts its remedies pursuant
     to paragraph c. of this Section 3 and the Executive thereafter is required
     to make a payment of any Excise Tax, the Accounting Firm shall determine
     the amount of the Underpayment that has occurred

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     and any such Underpayment shall be promptly paid by the Corporation to or
     for the benefit of Executive.

          c. The Executive shall notify the Corporation in writing of any claim
     by the Internal Revenue Service that, if successful, would require the
     payment by the Corporation of the Gross-Up Payment. Such notification shall
     be given as soon as practicable but no later than ten business days after
     the Executive is informed in writing of such claim and shall describe the
     nature of such claim and the date on which such claim is requested to be
     paid. The Executive shall not pay such claim prior to the expiration of the
     thirty-day period following the date on which he gives such notice to the
     Corporation (or such shorter period ending on the date that any payment of
     taxes with respect to such claim is due). If the Corporation notifies the
     Executive in writing prior to the expiration of such period that it desires
     to contest such claim, the Executive shall:

               (i) give the Corporation any information reasonably requested by
          the Corporation relating to such claim,

               (ii) take such action in connection with contesting such claim as
          the Corporation shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney reasonably selected by the
          Corporation,

               (iii) cooperate with the Corporation in good faith in order
          effectively to contest such claim, and

               (iv) permit the Corporation to participate in any proceedings
          relating to such claim;

     provided, however, that the Corporation shall bear and pay directly all
     costs and expenses (including additional interest and penalties) incurred
     in connection with such contest and shall indemnify and hold the Executive
     harmless, on an after-tax basis, for any Excise Tax or income tax
     (including interest and penalties with respect thereto) imposed as a result
     of such representation and payment of costs and expenses. Without
     limitation on the foregoing provisions of this paragraph c. of Section 3,
     the Corporation shall control all proceedings taken in connection with such
     contest and, at its sole option, may pursue or forego any and all
     administrative appeals, proceedings, hearings and conferences with the
     taxing authority in respect of such claim and may, at its sole option,
     either direct the Executive to pay the tax claimed and sue for a refund or
     contest the claim in any permissible manner, and the Executive agrees to
     prosecute such contest to a determination before any administrative
     tribunal, in a court of initial jurisdiction and in one or more appellate
     courts, as the Corporation shall determine; provided, however, that if the
     Corporation directs the Executive to pay such claim and sue for a refund,
     the Corporation shall advance the amount of such payment to the Executive,
     on an interest-free basis and shall indemnify and hold the Executive
     harmless, on an after-tax basis, from any Excise Tax or income tax
     (including interest or penalties with respect thereto) imposed with respect
     to such advance or with respect to any imputed income with respect to such
     advance; and provided, further, that any extension of the statute of

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     limitations relating to payment of taxes for the taxable year of the
     Executive with respect to which such contested amount is claimed to be due
     is limited solely to such contested amount. Furthermore, the Corporation's
     control of the contest shall be limited to issues with respect to which a
     Gross-Up Payment would be payable hereunder and the Executive shall be
     entitled to settle or contest, as the case may be, any other issue raised
     by the Internal Revenue Service or any other taxing authority.

          d. If, after the receipt by the Executive of an amount advanced by the
     Corporation pursuant to paragraph c. of this Section 3, the Executive
     becomes entitled to receive any refund with respect to such claim, the
     Executive shall (subject to the Corporation's complying with the
     requirements of paragraph c. of this Section 3) promptly pay to the
     Corporation the amount of such refund (together with any interest paid or
     credited thereon after taxes applicable thereto). If after the receipt by
     the Executive of an amount advanced by the Corporation pursuant to
     paragraph c. of this Section 3, a determination is made that the Executive
     shall not be entitled to any refund with respect to such claim and the
     Corporation does not notify the Executive in writing of its intent to
     contest such denial of refund prior to the expiration of thirty days after
     such determination, then such advance shall be forgiven and shall not be
     required to be repaid and the amount of such advance shall offset, to the
     extent thereof, the amount of Gross-Up Payment required to be paid.

     4. Confidential Information. As a supplement to any other confidentiality
provisions applicable to the Executive, Executive acknowledges that all
Confidential Information is and shall continue to be the exclusive proprietary
property of the Corporation, whether or not disclosed to or entrusted to the
custody of Executive. Executive will not, either during the term hereof or at
any time thereafter, disclose any Confidential Information, in whole or in part,
to any person or entity other than to employees or affiliates of the
Corporation, for any reason or purpose, unless the Corporation gives its prior
written consent to such disclosure. Executive also will not, either during the
term hereof or at any time thereafter, use in any manner any Confidential
Information for his own purposes or for the benefit of any person or entity
except the Corporation and its affiliates whether such use consists of
duplication, removal, oral communication, disclosure, transfer or other
unauthorized use thereof, unless the Corporation gives its prior written consent
to such use. As used herein, the term "Confidential Information" refers to all
information and materials not in the public domain belonging to, used by or in
the business of the Corporation (the "Business") relating to its business
strategies, products, pricing, customers, technology, programs, costs, employee
compensation, marketing plans, developmental plans, computer programs, computer
systems, inventions, developments, formulae, processes, designs, drawings, trade
secrets of every kind and character and competitive information. "Confidential
Information" also includes confidential information belonging to other companies
and disclosed to the Executive by the Corporation.

     5. Non-competition and Inventions.

          a. During the period of employment of Executive and for a period of
     one year after Executive's termination of employment for any reason,
     Executive shall not directly or indirectly as a principal, agent, owner,
     employee, consultant, advisor, trustee,


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     beneficiary, distributor, partner, co-venturer, officer, director,
     stockholder or in any other capacity, nor will any entity owned by
     Executive:

               (i) divert or attempt to divert any business from the Corporation
          or engage in any act likely to cause any customer or supplier of the
          Corporation to discontinue or curtail its business with the
          Corporation or to do business with another entity, firm, business,
          activity or enterprise directly or indirectly competitive with the
          Corporation; or

               (ii) contact, sell or solicit to sell or attempt to contact, sell
          or solicit to sell products competitive to those sold by the
          Corporation to any customer of the Corporation with which Executive
          had contact while performing services for the Corporation; or

               (iii) solicit or attempt to solicit any employee of the
          Corporation for employment or retention.

          Notwithstanding the provisions above, Executive may acquire securities
     of any entity the securities of which are publicly traded, provided that
     the value of the securities of such entity held directly or indirectly by
     Executive immediately following such acquisition is less than 5% of the
     total value of the then outstanding class or type of securities acquired.

          b. Executive acknowledges and agrees that the restrictions set forth
     in this Section 5 are founded on valuable consideration and are reasonable
     in duration and geographic area in view of the circumstances under which
     this Agreement is executed and that such restrictions are necessary to
     protect the legitimate interests of the Corporation. If, in any judicial
     proceeding, a court shall refuse to enforce any separate covenant set forth
     herein, then such unenforceable covenant shall be deemed eliminated from
     this Section 4 for the purpose of that proceeding to the extent necessary
     to permit the remaining separate covenants to be enforced.

          c. The Executive hereby sells, transfers and assigns to the
     Corporation the entire right, title and interest of the Executive in and to
     all inventions, ideas, disclosures and improvements, whether patented or
     unpatented, and copyrightable materials, made or conceived by the
     Executive, solely or jointly, or in whole or in part, during the period
     Executive is bound by this Agreement which (i) relate to methods,
     apparatus, designs, products, processes or devices sold, leased, used or
     under construction or development by the Corporation or any subsidiary or
     (ii) otherwise relate to or pertain to the business, functions or
     operations of the Corporation or any subsidiary, or (iii) arise (wholly or
     partly) from the efforts of the Executive during the Term hereof in
     connection with his performance of his duties hereunder. The Executive
     shall communicate promptly and disclose to the Corporation, in such form as
     the Corporation requests, all information, details and data pertaining to
     the aforementioned inventions, ideas, disclosures and improvements; and,
     whether during the term hereof or thereafter, the Executive shall execute
     and deliver to the Corporation such formal transfers and assignments and
     such other papers and documents as may be required of the Executive to
     permit the

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     Corporation to file and prosecute the patent applications and, as to
     copyrightable material, to obtain copyright thereon. This provision does
     not relate to any invention for which (i) no equipment, supplies,
     facilities or trade secret information of the Corporation was used and
     which was developed entirely on the Executive's own time and which does not
     relate (A) directly to the business of the Corporation, or (B) to the
     Corporation's actual or demonstrably anticipated research or development;
     or (ii) does not result in any work performed by the Executive for the
     Corporation.

          d. The provisions in this paragraph are a supplement to any other
     confidentiality and non-compete provisions applicable to the Executive in
     any other agreements.

     6. Miscellaneous.

          a. This Agreement shall be governed by and construed in accordance
     with the internal laws of the State of Wisconsin, without reference to
     principles of conflict of laws. The captions of this Agreement are not part
     of the provisions hereof and shall have no force or effect. This Agreement
     may not be amended or modified otherwise than by a written agreement
     executed by the parties hereto or their respective successors and legal
     representatives.

          b. All notices and other communications hereunder shall be in writing
     and shall be given by hand delivery to the other party or by registered or
     certified mail, return receipt requested, postage prepaid, addressed as
     follows:

     If to the Executive, to his address appearing on the records of the
     Corporation.

         If to the Corporation:       Actuant Corporation
                                      6100 North Baker Road
                                      Milwaukee, WI 53209
                                      Attention: Chairman of the Audit Committee

         With a copy to:              McDermott Will & Emery
                                      227 West Monroe Street
                                      Chicago, IL 60606-5096
                                      Attention:  Helen R. Friedli

     or to such other address as either party shall have furnished to the other
     in writing in accordance herewith. Notice and communications shall be
     effective when actually received by the addressee.

          c. The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement.

          d. The Corporation may withhold from any amounts payable under this
     Agreement such federal, state, local or foreign taxes as shall be required
     to be withheld pursuant to any applicable law or regulation.

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          e. The Executive's or the Corporation's failure to insist upon strict
     compliance with any provisions hereof or any other provision of this
     Agreement or the failure to assert any right the Executive or the
     Corporation may have hereunder, including, without limitation, the right of
     the Executive to terminate employment for cause pursuant to this Agreement,
     shall not be deemed to be a waiver of such provision or right of any other
     provision or right of this Agreement.

          f. The Executive and the Corporation acknowledge that, except as may
     otherwise be provided herein or under any other written agreement between
     the Executive and the Corporation, the employment of the Executive by the
     Corporation is "at will" and the Executive's employment may be terminated
     by the Corporation at any time.

          g. The Corporation agrees that if it breaches any payment obligation
     hereunder, the Corporation will pay all reasonable attorney fees and costs
     incurred by Executive in enforcing Executive's rights hereunder.

          h. This Agreement may be executed in one or more counterparts, each of
     which shall be deemed to be an original, but all of which together shall
     constitute one and the same instrument.

          i. If the Corporation sells, leases, exchanges or otherwise disposes
     of, in a single transaction or series of related transactions, all or
     substantially all of its property and assets, or if the Corporation ceases
     to exist as a separate entity as a result of a merger, spin-off,
     reorganization or otherwise, then the Corporation will, as a condition
     precedent to any such transaction, cause effective provision to be made so
     that the person or entity acquiring such property and assets or succeeding
     to the business of the Corporation as the surviving entity of a merger,
     spin-off, reorganization or otherwise, as applicable, becomes bound by, and
     replaces the Corporation under, this Agreement.

     7. Injunctive Relief. Executive acknowledges and agrees that irreparable
injury will result to the Corporation in the event Executive breaches any
covenant contained in this Agreement and that the remedy at law for such breach
will be inadequate. Therefore, if Executive engages in any act in violation of
the provisions of this Agreement, the Corporation shall be entitled, in addition
to such other remedies and damages as may be available to it by law or under
this Agreement, to injunctive or other equitable relief to enforce the
provisions hereof.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.

                                                   Actuant Corporation

                                                   By: /s/  Robert C. Arzbaecher
                                                       -------------------------
                                                            Robert C. Arzbaecher




                                                       /s/ William S. Blackmore
                                                       -------------------------
                                                           William S. Blackmore


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