EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT
MARCH 2004

|Sauer-Danfoss Inc.                                          |  | Corporation                      |  | Business Purpose                   
|----------------------------------------------------------- |  | -------------------------------- |  | -----------------------------------
|Sauer-Danfoss Company                                       |  | U.S. Corporation                 |  | Manufacturing                      
|Hydro-Gear, Inc.                                            |  | U.S. Corporation                 |  | Partner                            
|Hydro-Gear Limited Partnership                              |  | U.S. Partnership                 |  | Manufacturing                      
|TSD Integrated Controls LLC                                 |  | U.S. Limited Liability Company   |  | Manufacturing                      
|Sauer-Danfoss Euro-Finance L.P.                             |  | U.S. Limited Partnership         |  | Financing for Non-U.S. Subsidiaries
|Sauer-Danfoss Pty Ltd.                                      |  | Australian Corporation           |  | Sales Company                      
|Sauer-Danfoss BVBA                                          |  | Belgium Corporation              |  | Sales Company                      
|Sauer-Danfoss Hidraulica Mobil Ltda                         |  | Brazil Corporation               |  | Manufacturing                      
|Sauer-Danfoss Ltda.                                         |  | Brazil Limited Liability Company |  | Sales Company                      
|Sauer Shanghai Hydrostatic Transmission Co., Ltd.           |  | China Corporation                |  | Manufacturing                      
|Sauer-Danfoss-Daikin Mobile Hydraulics (Shanghai) Co., Ltd. |  | China Corporation                |  | Sales Company                      
|Sauer-Danfoss Shanghai Co. Ltd.                             |  | China Corporation                |  | Manufacturing                      
|Sauer-Danfoss ApS                                           |  | Denmark Corporation              |  | Manufacturing and Sales            
|Sauer-Danfoss Holding ApS                                   |  | Denmark Corporation              |  | Holding Company                    
|Oy Sauer-Danfoss AB                                         |  | Finland Corporation              |  | Sales Company                      
|Sauer-Danfoss S.A.S.                                        |  | France Corporation               |  | Sales Company                      
|Sauer-Danfoss (Neumünster) GmbH & Co. OHG                   |  | Germany Partnership              |  | Manufacturing                      
|Sauer-Danfoss (Neumünster) GmbH                             |  | Germany Corporation              |  | Holding/Management Company         
|Sauer-Danfoss Informatik GmbH                               |  | Germany Corporation              |  | Information Services               
|Sauer-Danfoss GmbH                                          |  | Germany Corporation              |  | Sales Company                      
|Sauer-Danfoss IT Europe GmbH                                |  | Germany Corporation              |  | Inactive                           
|Sauer-Danfoss (Berching) GmbH                               |  | Germany Corporation              |  | Manufacturing                      
|Sauer-Danfoss (Kaiserslautern) GmbH                         |  | Germany Corporation              |  | Manufacturing                      
|Sauer Hydratec GmbH                                         |  | Germany Corporation              |  | Inactive                           
|Sauer-Danfoss India Private Limited                         |  | India Corporation                |  | Sales Company                      
|Sauer-Danfoss (Bologna) SpA                                 |  | Italy Corporation                |  | Manufacturing                      
|Sauer-Danfoss S.r.l.                                        |  | Italy Corporation                |  | Sales Company                      
|Comatrol SpA                                                |  | Italy Corporation                |  | Manufacturing                      
|Sauer-Danfoss-Daikin Ltd.                                   |  | Japanese Corporation             |  | Sales Company                      
|Sauer-Danfoss Luxembourg Sarl                               |  | Luxembourg Corporation           |  | Holding Company                    
|Sauer-Danfoss BV                                            |  | Netherlands Corporation          |  | Sales Company                      
|Sauer-Danfoss A/S                                           |  | Norway Corporation               |  | Sales Company                      
|Sauer-Danfoss sp.z.o.o.                                     |  | Poland Corporation               |  | Manufacturing                      
|Sauer-Danfoss (UK) Ltd.                                     |  | U.K. Corporation                 |  | Inactive                           
|Sauer-Danfoss (Swindon) Ltd.                                |  | U.K. Corporation                 |  | Inactive                           
|Sauer-Danfoss Limited                                       |  | U.K. Corporation                 |  | Manufacturing and Sales            
|Integrated Control Technologies Ltd.                        |  | U.K. Corporation                 |  | Inactive                           
|Sauer-Danfoss Pte. Ltd.                                     |  | Singapore Corporation            |  | Sales Company                      
|Merkur Hydraulika s.r.o.                                    |  | Slovakia Corporation             |  | Sales Company                      
|Sauer-Danfoss a.s.                                          |  | Slovakia Corporation             |  | Manufacturing and Sales            
|Sauer-Danfoss SA                                            |  | Spain Corporation                |  | Sales Company                      
|Custom Design Electronics
of Sweden AB                      |  | Sweden Corporation               |  | Holding Company                    
|                                                            |  |                                  |  |                                    

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|Sauer-Danfoss (Älmhult) AB |  | Sweden Corporation |  | Manufacturing 
|-------------------------- |  | ------------------ |  | --------------
|Sauer-Danfoss AB           |  | Sweden Corporation |  | Sales Company 
|Danfoss Fluid Power AB     |  | Sweden Corporation |  | In liquidation

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