FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C.  20549
                           _________________________


[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  
       ACT OF 1934
     For the fiscal year ended December 31, 1997
                                       OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES       
       EXCHANGE ACT OF 1934
     For the Transition period from __ to __

                         Commission file number 0-18110

                                Gehl Company                         
             (Exact name of registrant as specified in its charter)

          Wisconsin                                   39-0300430      
(State or other jurisdiction       (I.R.S. Employer Identification No.) 
of incorporation or organization)    


 143 Water Street, West Bend, WI                                 53095         
(Address of principal executive office)                       (Zip Code) 

          
Registrant's telephone number, including area code (414) 334-9461 

          Securities registered pursuant to Section 12(b) of the Act:

                                      NONE

          Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, $.10 par value       
                                (Title of class)

                      Rights to Purchase Preferred Shares       
                                (Title of class)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes   X        No      

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [X]

     Aggregate market value of voting stock held by non-affiliates of the
registrant: $123,817,683.00 at February 16, 1998.

     Number of shares outstanding of each of the registrant's classes of
common stock, as of February 16, 1998:


                    Class                          Shares Outstanding
   Common Stock, $.10 Par Value                         6,240,565         


                      DOCUMENTS INCORPORATED BY REFERENCE

        Gehl Company 1997 Annual Report to Shareholders (Parts I and II)
    Gehl Company Proxy Statement for the 1998 Annual Meeting of Shareholders
        (to be filed with the Commission under Regulation 14A within 120
       days after the end of the registrant's fiscal year and, upon such
             filing, to be incorporated by reference into Part III)

                                GEHL[R] COMPANY 
                               _________________ 

                                   INDEX TO 
                          ANNUAL REPORT ON FORM 10-K 

                     For The Year Ended December 31, 1997  

                                                                   Page        
Part I                                                                         
                                                                               
              
Item 1             Business   . . . . . . . .                      1

Item 2             Properties . . . . . . . .                      8

Item 3             Legal Proceedings  . . . . .                    8

Item 4             Submission of Matters to a Vote of 
                   Security Holders . . . . . .                    9

                   Executive Officers of the Registrant            9

Part II

Item 5             Market for Registrant's Common Equity
                   and Related Shareholder Matters  . . .         11

Item 6             Selected Financial Data  .                     11

Item 7             Management's Discussion and Analysis 
                   of Financial Condition and Results 
                   of Operations                                  11 

Item 7A            Quantitative and Qualitative Disclosures 
                   About Market Risk  . . . . . . .               11

Item 8             Financial Statements and Supplementary Data    11

Item 9             Changes in and Disagreements with Accountants
                   on Accounting and Financial Disclosure         11

Part III

Item 10            Directors and Executive Officers of the
                   Registrant . . . . . . . . . . . . . . .       12

Item 11            Executive Compensation . .                     12

Item 12            Security Ownership of Certain Beneficial 
                   Owners and Management . . . . . .              12

Item 13            Certain Relationships and Related 
                   Transactions . . . . . . .                     12

Part IV

Item 14            Exhibits, Financial Statement Schedules and
                   Reports on Form 8-K  . . .                     13

Signatures. . . . . . . . . . . . . . . . . .                     14

<PAGE>
                                     Part I

Item 1.  Business

Overview

     Gehl Company (the "Company" or "Gehl") designs, manufactures,
distributes, sells and finances equipment used in the light construction
equipment and the agricultural equipment industries.  The Company's
construction segment ("Gehl Construction") manufactures and markets skid steer
loaders, rough-terrain telescopic forklifts, and asphalt pavers used by
contractors, sub-contractors, owner operators and municipalities.  The
Company's agricultural segment ("Gehl Agriculture") has manufactured
agricultural implements for 139 years, and today markets a broad range of
equipment used primarily in the dairy and livestock industries, including
haymaking, forage harvesting, materials handling (skid steer loaders and
attachments), manure handling and feedmaking equipment.  The Company believes
that it is currently the largest non-tractor agricultural equipment
manufacturer in North America.  

     On October 2, 1997, the Company acquired all of the issued and
outstanding shares of capital stock of Brunel America, Inc. and Subsidiaries,
including Mustang Manufacturing Company, Inc. ("Mustang") from Brunel
Holdings, plc.  Mustang[R] designs, manufactures and distributes skid steer
loaders and related attachments.  Gehl acquired the Brunel America, Inc. stock
for $26.7 million; and entered into a five year non-competition agreement with
the seller pursuant to which Gehl paid $1.0 million.  The Company borrowed
$27.7 million under its existing credit facility to fund the acquisition.  The
acquisition has been accounted for as a purchase transaction and resulted in
the recording of $14.0 million of goodwill.  The results of the Mustang
operations have been included in the Company's operating results since the
date of the acquisition.

     Equipment for Gehl Construction is manufactured in Minnesota and in two
South Dakota facilities and equipment for Gehl Agriculture is manufactured in
plants in Wisconsin, Pennsylvania and South Dakota.  The Company was founded
in 1859 and was incorporated in the State of Wisconsin in 1890.

     The statements which are not historical facts contained in this Form 10-K
and other information provided by the Company are forward-looking statements
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995.  Such statements are subject
to certain risks and uncertainties which could cause actual results to differ
materially from those currently anticipated.  These factors include, without
limitation, competitive conditions in the markets served by the Company,
market acceptance of existing and new products manufactured by the Company,
changes in the cost of raw materials and component parts purchased by the
Company, changes in interest and currency exchange rates, general economic
conditions, and the ability of the Company to successfully integrate its
recent acquisition of the Mustang operations.  These factors should be
considered in evaluating the forward-looking statements, and undue reliance
should not be placed on such statements.  The Company undertakes no obligation
to update publicly such statements to reflect subsequent events or
circumstances.

Business Segments

     The Company operates in two business segments, construction and
agriculture.  The following table shows certain information relating to the
Company's operations by industry segment:

                                        (dollars in thousands)

                                       Year ended December 31,
                        1995                1996                 1997

                  Amount      %      Amount         %     Amount        %
 Net sales: 
 Gehl
   Construction   $64,381    42.0%  $70,826      44.4%   $101,635     51.6%
 Gehl
   Agriculture     89,071    58.0    88,836      55.6      95,420     48.4
                  -------    ----   -------      ----    --------     ----
     Total       $153,452    100%  $159,662      100%    $197,055     100%

 Income from
  operations:

 Gehl 
   Construction   $13,164    96.7%  $12,967      83.4%   $16,277      74.5%
  Gehl
   Agriculture        449     3.3     2,580      16.6      5,571      25.5
                  -------    ----   -------      ----    -------      -----
     Total        $13,613    100%   $15,547      100%    $21,848      100%


     The Company had no intersegment sales or transfers during the years set
forth above.  For segment information with respect to identifiable assets,
depreciation/amortization and capital expenditures for the  construction and
agriculture markets, see Note 13 of "Notes to Consolidated Financial
Statements", included on Pages 22 and 23 of the Gehl Company 1997 Annual
Report to Shareholders, which pages are incorporated by reference herein.

Gehl Construction

Products:

     Gehl Construction markets equipment in the following three product areas:

     1.       Skid Steer Loaders - Gehl Construction offers seven models of
              Gehl skid steer loaders which feature a choice of hand-operated
              controls or hand and foot controls and four models of Mustang
              skid steer loaders which feature a choice of T-bar, hand only
              and hand/foot controls.  The skid steer loader, with its fixed-
              wheel four-wheel drive, is used principally for material
              handling duties.  The skid steer loader may also be used with a
              variety of attachments, including dirt, snow and cement buckets,
              pallet forks and hydraulically-operated devices such as cold
              planers, backhoes, brooms, trenchers, snowblowers, industrial
              grapples, tree diggers, concrete breakers, augers and many more.
  
     2.       Rough-Terrain Forklifts - Gehl markets six models of Dynalift[R]
              rough-terrain telescopic forklifts and one model of the Dyna-
              Handler[R], a rough-terrain telescopic forklift with digging
              capabilities.  These forklifts are designed to handle heavy
              loads (up to 10,000 pounds) reaching horizontally and vertically
              for use by a variety of customers, including masons, roofers and
              building contractors.

     3.       Asphalt Pavers - Four models of Power Box[R] pavers are marketed
              by Gehl.  These pavers allow variable paving widths from 4 1/2
              to 13 feet and are used for both commercial and municipal jobs
              such as county and municipal road, sidewalk, golf cart path,
              jogging trail, parking lot, driveway, trailer court and tennis
              court preparation.  

Marketing and Distribution:

     The Company maintains a separate distribution system for Gehl
Construction.  The Company markets its equipment in North America through 336
independent dealers (with 627 outlets) and worldwide through 64 distributors. 
The Company has no Company-owned dealers and its dealers may sell equipment
produced by other construction equipment manufacturers.  The top ten dealers
and distributors in Gehl Construction accounted for approximately 14% of the
Company's sales for the year ended December 31, 1997; however, no single
dealer or distributor accounted for more than 2.5% of the Company's sales for
that period.  Sales of the skid steer loader product line by Gehl Construction
accounted for more than 19% of the Company's net sales in 1995, 1996 and 1997.
Sales of the rough terrain forklift product line by Gehl Construction
accounted for more than 17% of the Company's net sales in 1995, 1996 and 1997.

     The Company believes that maintenance and expansion of its dealer network
is important to its success in the light construction equipment market.  Gehl
Construction provides various forms of support for its dealers, including
sales and service training, and, in the United States and Canada, floor plan
financing for its dealers and retail financing for both its dealers and their
customers.  The light construction equipment dealers in North America are also
supported by district sales managers who provide a variety of services,
including training, equipment demonstrations and sales, warranty and service
assistance.

Industry and Competition:

       Gehl Construction's product lines face competition in each of their
markets.  In general, each line competes with a small group of from seven to
twelve different companies.  No one company competes directly with Gehl
Construction across all of its product lines.  In the compact asphalt paving
equipment market niche Gehl serves, the Company believes it is first or second
in terms of market share.  In the rough-terrain telescopic forklift market,
the Company believes it and four other competitors share at least 75% of the
market among them.  In the skid steer loader product market, three other
companies (exclusive of Gehl) share over 80% of the market.  The Company
believes that it shares a greater portion of the balance of the skid steer
loader market than does any of its remaining competitors.  The Company
competes within the light construction equipment markets based primarily on
price, quality, service and distribution.

     Gehl Construction's primary markets outside of North America are in
Europe, Australia, Latin America, the Middle East and the Pacific Rim.  The
Company believes it is a significant competitor in the skid steer loader
market in most of these markets.

Gehl Agriculture

Products:
     Gehl Agriculture markets equipment in five product areas.

     1.       Haymaking - Gehl's haymaking line includes a broad range of
              products used to harvest and process hay crops for livestock
              feed.  The Company offers disc mowers, a wide range of pull-type
              disc mower conditioners, hay rakes and variable-chamber round
              balers.

     2.       Forage Harvesting - The Company believes that it currently
              manufactures and sells one of the industry's most complete lines
              of forage harvesting equipment, including forage harvesters,
              wagons and blowers.  

     3.       Materials Handling - Gehl Agriculture's materials handling line
              consists of seven different models of Gehl skid steer loaders
              and the Dyna-Handler  forklift.  The skid steer loader is a
              compact, fixed-wheel four-wheel drive unit typically equipped
              with a bucket or fork and is used for moving a variety of
              material.  The Dyna-Handler is a rough-terrain telescopic
              forklift with digging capabilities.  The skid steer loader and
              Dyna-Handler forklift are marketed by both Gehl Agriculture and
              Gehl Construction.   

     4.       Manure Handling - Gehl offers a broad range of manure spreaders,
              including the Scavenger .  The Scavenger[R] "V-Tank" side-
              discharge manure spreader incorporates a hydraulically
              controlled auger which allows the spreader to handle a wide
              range of semi-liquid waste products, including municipal sludge. 
              For handling mostly solid manure, the Company also markets four
              models of rear-discharge box spreaders.

     5.       Feedmaking - The Company believes that it offers the broadest
              line of portable feedmaking equipment in the industry.  Gehl
              Agriculture offers the Gehl Mix-All[R] line of grinder mixers
              and a line of mixer feeders and a feeder wagon for both mixing
              feed rations and delivery to livestock feeders.

Marketing and Distribution:

     In North America, Gehl's agricultural equipment is sold through
approximately 500 geographically dispersed dealers (with 556 outlets). 
Seventy-one of these dealers are located in Canada.  Gehl Agriculture also
markets products through 31 distributors in Europe, the Middle East, the
Pacific Rim and Latin America.  The Company has no Company-owned dealers and
its dealers may sell equipment produced by other agricultural equipment
manufacturers.

     It has been and remains the Company's objective to increase the share of
Gehl products sold by a Gehl dealer.  Gehl Agriculture is not dependent for
its sales on any specific dealer or group of dealers.  The top ten dealers and
distributors in Gehl Agriculture accounted for approximately 6% of the
Company's sales for the year ended December 31, 1997 and no one dealer or
distributor accounted for over 1% of the Company's sales during that period. 
Sales of the Gehl skid steer loader product line by Gehl Agriculture accounted
for more than 15% of the Company's net sales in 1995, 1996 and 1997. 

     The Company provides various forms of support for its dealer network,
including sales and service training.  The Company also provides floor plan
and retail finance support for products sold by its dealers in the United
States and Canada.

     The Company employs district sales managers to assist its agricultural
dealers in the promotion and sale of its product and regional service managers
to assist in warranty and servicing matters.  The Company currently operates
three service parts distribution centers located in:  Memphis, Tennessee;
Syracuse, New York; and Minneapolis, Minnesota.  The Company also contracts
for two service parts distribution locations in Rockwood, Ontario and
Saskatoon, Saskatchewan.   

Industry and Competition:

     The agricultural equipment industry has seen significant consolidation
and retrenchment since 1980.  This has served to reduce the total number of
competitors, to strengthen certain major competitors, and to reduce the
strength of certain other companies in the industry.  The Company competes
within the agricultural equipment industry based primarily on price, quality,
service and distribution.

     The agricultural equipment markets in North America are highly
competitive and require substantial capital outlays.  The Company has four
major competitors as well as numerous other limited line manufacturers and
importers.  The largest manufacturers in the agricultural equipment industry,
the Company's major competitors, generally produce tractors and combines as
well as a full line of tillage and planting equipment.  Such manufacturers
also market, to varying degrees, haymaking, forage harvesting, materials
handling, manure handling and/or feedmaking equipment, the areas in which the
Company's agricultural products are concentrated.  Except for one competitor,
no other single competitor competes with the Company in each of its product
lines.  The Company believes that it is the only non-tractor manufacturer in
the industry that produces equipment in each of these product lines.  Smaller
manufacturers which compete with the Company produce only a limited line of
specialty items and often compete only in regional markets.  

     Gehl Agriculture primarily serves the dairy and livestock  industries. 
Compared to a more volatile period in the late 1980's through 1992, milk
prices, cash income, land values, and the general economy were more favorable
and stable for the dairy farmer in 1993 through 1997.  These more favorable
conditions and lower debt to equity ratios than generally experienced in most
of the 1980's led to increased buying by farmers of agriculture equipment in
1993 and 1994.  In 1995, 1996 and 1997 industry market demand varied, with
demand for the Company's products generally lower than in 1994.

     Approximately 80% of the Company's agricultural dealers also carry the
tractor and combine product lines of a major manufacturer.  In addition to
selling the tractors and combines of a major manufacturer, many of these
dealers carry the major manufacturer's entire line of products, some of which
directly compete with the products offered by Gehl Agriculture.  Gehl
Agriculture's dealers also market equipment manufactured by limited line
manufacturers which compete with specific product lines offered by the
Company.

     Gehl Agriculture's primary markets outside of North America are in Europe
and the Pacific Rim.  In these markets the Company competes with both
agricultural manufacturers from the United States, some of which have
manufacturing facilities in foreign countries, and foreign manufacturers.  The
Company does not believe, however, that it is presently a significant
competitor in any of these foreign markets.

Backlog

     The backlog of unfilled equipment orders (which orders are subject to
cancellation in certain circumstances) as of December 31, 1997 was $34.9
million versus $42.7 million at December 31, 1996.  Virtually all orders in
the backlog at December 31, 1997 are expected to be shipped in 1998.  The
decreased backlog at December 31, 1997 was due primarily to the reduced level
of Gehl Construction backlog.  Order backlog is lower in Gehl Construction due
to the introduction of a new series of telescopic handlers in December 1997,
for which orders were not received prior to year-end, and a change in the
Construction dealer order pattern resulting in dealers placing orders at a
point in time closer to their expected utilization of the machinery.

     As the Company has increased its sales of Gehl Construction products, the
Company has been successful in reducing the seasonality of its sales. 
However, some sales seasonality still remains, primarily in April through
June, the Company's second fiscal quarter.  The Company's first and fourth
fiscal quarters in January through March and October through December,
respectively, have traditionally been its weakest.  Because the haymaking and
forage equipment products are primarily retailed by the Company's dealers in
the Spring, Summer, and early Fall, the Company's floor plan financed accounts
receivable generally reach a seasonal peak in early Summer and a post-seasonal
low in late Fall.

Floor Plan and Retail Financing

Floor Plan Financing:

     The Company, as is typical in the industry, generally provides floor plan
financing for its dealers.  Products shipped to dealers under the Company's
floor plan financing program are recorded by the Company as sales and the
dealers' obligations to the Company are reflected as accounts receivable.

     The Company provides interest-free floor plan financing to its dealers,
in Gehl Construction for varying periods of time generally up to six months
and in Gehl Agriculture generally for up to one year.  Dealers who sell
products utilizing floor plan financing are required to make immediate payment
for those products to the Company upon sale or delivery to the retail
customer.  At the end of the interest-free period, if the equipment remains
unsold to retail customers, the Company generally charges interest to the
dealer at rates between 1.5% to 3.25% above the prime rate or on occasion
provides an interest-free extension of up to six months upon payment by the
dealer of a curtailment of 20% of the original invoice price to the dealer. 
This type of floor plan equipment financing accounts for approximately 90% of
Gehl's accounts receivable, with all such floor planned receivables required
to be secured by a first priority security interest in the equipment sold.

Retail Financing:

     The Company also provides retail financing primarily to facilitate the
sale of equipment to end users.  Additionally, a number of dealers purchase
equipment which is held for rental to the public.  The Company also provides
retail financing to such dealers in connection with these purchases.  Retail
financing in the United States is provided by the Company primarily through
Gehl Finance , the Company's finance division.  Retail financing is provided
in Canada by third parties at rates subsidized by the Company.  The Company
does not offer or sponsor retail financing outside of North America.

     The Company maintains arrangements with third parties pursuant to which
the Company sells with recourse certain of the Company's retail finance
contracts.  The finance contracts require periodic installments of principal
and interest over periods of up to 60 months; interest rates are based on
market conditions.  The majority of these contracts have maturities of 24 to
48 months.  The Company continues to service the finance contracts it sells,
including cash collections.  See Note 3 of "Notes to Consolidated Financial
Statements," Page 18, and "Management's Discussion and Analysis," Page 13 of
the Gehl Company 1997 Annual Report to Shareholders, which pages are
incorporated by reference herein.

Employees

     As of December 31, 1997, the Company had 1,192 employees, of which 801
were hourly employees and 391 were salaried employees.  At the production
facilities in West Bend, Wisconsin, one of five Gehl production facilities,
223 hourly employees are covered by a collective bargaining agreement with the
United Paperworkers International Union (formerly the Allied Industrial
Workers) which expires December 31, 1999.  None of the remaining employees of
the Company are represented by unions.  There have been no labor-related work
stoppages at the Company's facilities during the past twenty-four years. 

Manufacturing

     During 1997, the Company completed expansion if its two South Dakota
manufacturing facilities and believes that its present manufacturing
facilities will be sufficient to provide adequate capacity for its operations
in 1998.  

     Component parts needed in the manufacture of the Company's equipment are
primarily produced by the Company.  The Company obtains raw materials
(principally steel), component parts that it does not manufacture, most
notably engines and hydraulics, and supplies from third party suppliers.  All
such materials and components used are available from a number of sources. 
The Company is not dependent on any supplier that cannot be readily replaced
and has not experienced difficulty in obtaining necessary purchased materials. 

     In addition to the equipment it manufacturers, the Company markets
equipment acquired from third party suppliers.  Products acquired from these
suppliers accounted for less than 10% of the Company's sales in 1997. 

Research and Development

     The Company attempts to maintain and strengthen its market position
through internal new product development and incremental improvement to
existing products.  The Company's research and development is devoted to
developing new products that meet specific customer needs and to devising
incremental improvements to existing products.  Research and development 
performed by the Company includes the designing and testing of new and
improved products as well as the fabrication of prototypes.  The Company
expended approximately $2.3 million, $2.2 million and $1.4 million on research
and development for the years ended December 31, 1997, 1996 and 1995,
respectively.

Patents and Trademarks

     The Company possesses rights under a number of domestic and foreign
patents and trademarks relating to its products and business.  While the
Company considers the patents and trademarks important in the operation of its
business, including the Gehl , the Mustang  name and the group of patents
relating to the Scavenger  manure spreader, the business of the Company is not
dependent on any single patent or trademark or group of patents or trademarks.

Export Sales

     Information regarding the Company's export sales is included in Note 13
of "Notes to Consolidated Financial Statements," Page 23, of the Gehl Company
1997 Annual Report to Shareholders, which page is incorporated by reference
herein.

Item 2.  Properties 

     The following table sets forth certain information as of December 31,
1997, relating to the Company's principal manufacturing facilities.  See
"Management's Discussion and Analysis - Liquidity and Capital Resources,
Capital Expenditures," Page 13, of the Gehl Company 1997 Annual Report to
Shareholders, which page is incorporated by reference herein.  For information
regarding collateral pledges, see Note 6 of "Notes to Consolidated Financial
Statements", included on Page 19, of the Gehl Company 1997 Annual Report to
Shareholders, which page is incorporated by reference herein.

                      Approximate       Owned
                      Floor Area        or
                      in Square         Leased
                      Feet                           Principal Uses


 West Bend, WI            450,000       Owned        General offices
                                                     and engineering,
                                                     research and
                                                     development and
                                                     manufacture of
                                                     products for Gehl
                                                     Agriculture

 Madison, SD              130,000       Owned        Manufacture of
                                                     Gehl skid steer
                                                     loaders for Gehl
                                                     Construction and
                                                     Gehl Agriculture 

 Lebanon, PA              170,000       Owned(1)     Manufacture of
                                                     products for Gehl
                                                     Agriculture

 Yankton, SD              100,000       Owned        Manufacture of
                                                     products for Gehl
                                                     Construction

 Owatonna, MN             235,000       Owned        Manufacture of
                                                     Mustang skid steer
                                                     loaders for Gehl
                                                     Construction

(1)  This facility is financed with the proceeds from the sale of industrial
     development bonds maturing in 2010.  

     The Company also operates three service parts centers located in: 
Memphis, Tennessee; Syracuse, New York; and Minneapolis, Minnesota.  The
Company leases these facilities, except for the Minneapolis center which is
owned.  The leases have terms ranging from three to five years.  The Company
anticipates no difficulty in retaining adequate leased facilities, either by
renewing existing leases prior to expiration or by replacing them with
equivalent leased facilities.

Item 3.  Legal Proceedings.      

     The Company is a defendant from time to time in actions for product
liability and other matters arising out of its ordinary business operations. 
The Company believes that the actions presently pending will not have a
material adverse effect on its consolidated financial position or results of
operations.  To the Company's knowledge, there are no material legal
proceedings to which any director, officer, affiliate or more than 5%
shareholder of the Company (or any associate of the foregoing persons) is a
party adverse to the Company or any of its subsidiaries or has a material
interest adverse to the Company or its subsidiaries.

Item 4.  Submission of Matters to a Vote of Security Holders.

     No matters were submitted to a vote of security holders during the
quarter ended December 31, 1997.

<PAGE>

Executive Officers of the Registrant.

     Set forth below is certain information concerning the executive officers
of the Company as of February 1, 1998:


 Name, Age and Position                 Business Experience 



 William D. Gehl, 51,                   Mr. Gehl has served as
   Chairman, President,                 Chairman of the Board
   Chief Executive                      of Directors of the
   Officer and Director                 Company since April,
                                        1996.  Mr. Gehl has
                                        served as President and
                                        Chief Executive Officer
                                        of the Company since
                                        November, 1992 and has
                                        served as a director of
                                        the Company since 1987. 
                                        From January, 1990
                                        until joining the
                                        Company, Mr. Gehl
                                        served as Executive
                                        Vice President, Chief
                                        Operating Officer,
                                        General Counsel and
                                        Secretary of The
                                        Ziegler Companies, Inc.
                                        (a financial services
                                        holding company).  Mr.
                                        Gehl held various
                                        senior management
                                        positions with The
                                        Ziegler Companies from
                                        1978 to 1990.

 Victor A. Mancinelli, 54,              Mr. Mancinelli has
   Executive Vice                       served as Executive
   President and                        Vice President and
   Chief Operating Officer              Chief Operating Officer
                                        of the Company since
                                        November, 1992.  From
                                        1990 to 1992, Mr.
                                        Mancinelli served as
                                        Group Vice President of
                                        W.H. Brady Co.  From
                                        1987 to 1990, Mr.
                                        Mancinelli served as
                                        President and Chief
                                        Operating Officer of
                                        Syracuse China Corp., a
                                        subsidiary of Canadian
                                        Pacific Ltd.  From 1985
                                        to 1987, Mr. Mancinelli
                                        served as Vice
                                        President International
                                        Business for Simplex
                                        Tire Reorder Co.  Prior
                                        to 1985, Mr. Mancinelli
                                        served in a variety of
                                        management positions
                                        with Cummins Engine
                                        Company, Inc.

 John W. Gehl, 56,                      Mr. Gehl has served as
   Vice President,                      Vice President,
   International                        International of the
                                        Company since 1992. 
                                        Mr. Gehl joined the
                                        Company in 1962 and has
                                        served as a Vice
                                        President of the
                                        Company since 1977 and
                                        in a variety of
                                        positions in marketing,
                                        manufacturing and
                                        strategic planning. 
                                        Mr. Gehl has been a
                                        director of the Company
                                        since 1974.  Mr. Gehl
                                        has announced his
                                        retirement as an
                                        officer of the Company
                                        effective March 1,
                                        1998.

 Kenneth P. Hahn, 40                    Mr. Hahn joined the
   Vice President of                    Company as Corporate
   Finance                              Controller in April,
   and Treasurer                        1988.  Mr. Hahn was
                                        elected as an executive
                                        officer of the Company
                                        in April, 1994.  Mr.
                                        Hahn was appointed Vice
                                        President of Finance
                                        and Treasurer in
                                        February, 1997.


 Michael J. Mulcahy, 51,                Mr. Mulcahy has served
   Vice President,                      as General Counsel of
   Secretary                            the Company since 1974
   and General Counsel                  and became Secretary in
                                        1977 and a Vice
                                        President in 1986.  Mr.
                                        Mulcahy has also
                                        served, since 1988, as
                                        President of Equipco
                                        Insurance Company,
                                        Ltd., which provides
                                        liability insurance
                                        coverage for equipment
                                        manufacturers,
                                        including the Company.

 Richard J. Semler, 58,                 Mr. Semler joined the
   Vice President of                    Company in May, 1960
   Data Systems                         and has served in his
                                        current position with
                                        the Company since
                                        January, 1977.

     All officers of the Company are elected annually by the Board of
Directors following the Annual Meeting of Shareholders.  The 1998 Annual
Meeting of Shareholders is currently scheduled for April 29, 1998.  The
Company has employment agreements with William D. Gehl, pursuant to which he
is to serve as President and Chief Executive Officer of the Company through
the expiration of the agreement on December 31, 1998, and Victor A.
Mancinelli, pursuant to which he is to serve as Executive Vice President and
Chief Operating Officer of the Company through the expiration of the agreement
on September 30, 1998. 

<PAGE>
                                   PART II   

Item 5.  Market for Registrant's Common Equity and Related 
          Shareholder Matters.

     Information required by this item is included on Page 25 of the Gehl
Company 1997 Annual Report to Shareholders, which page is hereby incorporated
herein by reference.

Item 6.  Selected Financial Data.

     Information required by this item is included on Page 24 of the Gehl
Company 1997 Annual Report to Shareholders, which page is hereby incorporated
herein by reference.

Item 7.  Management's Discussion and Analysis of Financial   
          Condition and Results of Operations. 

     Information required by this item is included on Pages 10 through 13 of
the Gehl Company 1997 Annual Report to Shareholders, which pages are hereby
incorporated herein by reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

     Not Applicable

Item 8.  Financial Statements and Supplementary Data.

     Information required by this item is included on Page 9 and Pages 14
through 23 of the Gehl Company 1997 Annual Report to Shareholders, which pages
are hereby incorporated herein by reference.

Item 9.  Changes in and Disagreements with Accountants
          on Accounting and Financial Disclosure.

     There have been no changes in or disagreements with the Company's
accountants regarding accounting and financial disclosure required to be
reported pursuant to this item.  

<PAGE>
                                   PART III  

Item 10.  Directors and Executive Officers of the
          Registrant.      

     Pursuant to Instruction G, the information required by this item with
respect to directors is hereby incorporated herein by reference from the
caption entitled "Election of Directors" set forth in the Company's definitive
Proxy Statement for its 1998 Annual Meeting of Shareholders ("Proxy
Statement")F1.  Information with respect to executive officers of the Company
appears at the end of Part I, Pages 9 through 10 of this Annual Report on Form
10-K.

Item 11.  Executive Compensation.

     Pursuant to Instruction G, the information required by this item is
hereby incorporated herein by reference from the captions entitled "Board of
Directors" and "Executive Compensation" set forth in the Proxy Statement;
provided, however, that the subsection entitled "Executive Compensation -
Report on Executive Compensation" shall not be deemed to be incorporated
herein by reference.

Item 12.  Security Ownership of Certain Beneficial
          Owners and Management.

     Pursuant to Instruction G, the information required by this item is
hereby incorporated by reference herein from the caption "Principal
Shareholders" set forth in the Proxy Statement.

Item 13.  Certain Relationships and Related Transactions.

     There are no relationships or related transactions to be reported
pursuant to this item. 


<F1>  The Proxy Statement will be filed with the Commission pursuant to
Regulation 14A within 120 days after the end of the Company's fiscal year.

<PAGE>
                                   PART IV   

Item 14.  Exhibits, Financial Statement Schedules and
          Reports on Form 8-K. 

          (a)  1 and 2.  Financial statements and financial statement
               schedule.   

               Reference is made to the separate index to the Company's
               consolidated financial statements and schedule contained on
               Page 15 hereof.

               3.  Exhibits.

               Reference is made to the separate exhibit index contained
               on Pages 18 through 21 hereof.

          (b)  Reports on Form 8-K. 

               The Company filed a Current Report on Form 8-K, dated
               October 17, 1997, reporting (pursuant to Items 2 and 7) the
               acquisition of all of the issued and outstanding shares of
               capital stock of Brunel America, Inc.  In connection with
               this acquisition, the Company, through Brunel America,
               Inc., acquired all of the issued and outstanding shares of
               capital stock of the following direct and indirect
               subsidiaries of Brunel America, Inc.:  Mustang America,
               Inc.; Mustang Manufacturing Company, Inc.; Mustang Finance
               Inc.; and Mustang International, Inc.

               The Company filed an amendment, dated December 16, 1997, to the
               above-referenced Form 8-K, which amendment includes Financial
               Statements and Pro-Forma Financial Information relating to the
               acquisition of all of the issued and outstanding stock of 
               Brunel America, Inc.

<PAGE>
                                  SIGNATURES 

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                              GEHL COMPANY 

Date:  March 6, 1998               By /s/ William D. Gehl        
                                   William D. Gehl,
                                   Chairman of the Board, President and Chief
                                   Executive Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

     Signature                Title                         Date 

/s/ William D. Gehl      Chairman of the Board, President,   March 6, 1998
William D. Gehl          Chief Executive Officer 
                         and Director 
                         (Principal Executive Officer)

/s/ Kenneth P. Hahn      Vice President of Finance           March 6, 1998
Kenneth P. Hahn          and Treasurer
                         (Principal Financial and 
                         Accounting Officer)

/s/ Thomas J. Boldt      Director                            March 6, 1998
Thomas J. Boldt

/s/ Fred M. Butler       Director                            March 6, 1998
Fred M. Butler

/s/ John W. Gehl         Director                            March 6, 1998
John W. Gehl

/s/ William P. Killian   Director                            March 6, 1998
William P. Killian

/s/ Arthur W. Nesbitt    Director                            March 6, 1998
Arthur W. Nesbitt

/s/ Roger E. Secrist     Director                            March 6, 1998
Roger E. Secrist

/s/ John W. Splude       Director                            March 6, 1998
John W. Splude

<PAGE>
                         GEHL COMPANY

                INDEX TO FINANCIAL STATEMENTS AND  

                 FINANCIAL STATEMENT SCHEDULES


                                                             Page(s) in
                                                              Annual Report*

             The following documents are filed as
             part of this report:
             (1) Financial Statements:
               Report of Independent Accountants                       9
               Consolidated Balance Sheets at
                 December 31, 1997 and 1996                           14
               Consolidated Statements of Income
                 for the three years ended
                 December 31, 1997                                    15
               Consolidated Statements of
                 Shareholders' Equity for the
                 three years ended December 31, 1997                  15
               Consolidated Statements of Cash
                 Flows for the three years ended
                 December 31, 1997                                    16
               Notes to Consolidated Financial
                 Statements                                           17-23

* Incorporated by reference from the indicated pages of the Gehl Company 1997
Annual Report to Shareholders.

                                                                    Page in
                                                                   Form 10-K
                                                               

             (2) Financial Statement Schedule: 
               Report of Independent Accountants
                      on Financial Statement Schedule                 16
               For the three years ended
                 December 31, 1997 --
                   Schedule II - Valuation and Qualifying Accounts    17
                   

All other schedules are omitted because they are not applicable or the
required information is shown in the financial statements or notes thereto.

<PAGE>
                      REPORT OF INDEPENDENT ACCOUNTANTS ON

                          FINANCIAL STATEMENT SCHEDULE


To the Board of Directors of Gehl Company 

Our audits of the consolidated financial statements referred to in our report
dated February 10, 1998 appearing in the 1997 Annual Report to Shareholders of
Gehl Company (which report and consolidated financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the Financial Statement Schedule listed in Item 14(a) of this Form
10-K.  In our opinion, this Financial Statement Schedule presents fairly, in
all material respects, the information set forth therein when read in
conjunction with the related consolidated financial statements.


PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
February 10, 1998 
<PAGE>

                         GEHL COMPANY AND SUBSIDIARIES
                SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                                 (in thousands)

                                            Additions  
                                      --------------------
                           Balance    Charged to                       Balance
                           Beginning  Costs and   Acquired             at End  
Period       Description   of Year    Expenses    Balances  Deductions of Year
------       -----------   ---------  ----------  --------- ---------- -------
Year Ended
December 31,
1995       Return &    
            Allowances       $115    $    -      $     -     $     -    $  115

           Allowance for
            Doubtful    
            Accounts-Trade 
            Receivables       639       165            -          52       752

           Volume   
            Discounts       1,990     2,026            -       2,213     1,803

           Product  
            Discontinuance  1,600         -            -         265     1,335
                           ------    ------       ------     -------    ------
           Total           $4,344    $2,191      $     -      $2,530    $4,005
                           ======    ======      =======     =======    ======
           Allowances of
            Doubtful    
            Accounts -
            Retail         
            Contracts      $  504    $  428      $     -      $  365    $  567
                           ======    ======     ========     =======    ======
           Inventory
            Obsolescence   
            Reserve        $4,052    $  502      $   -        $1,777    $2,777
                           ======    ======      =======     =======    ======
           Income Tax
            Valuation      
            Allowance      $5,687    $    -      $   -        $3,038    $2,649
                           ======    ======      =======     =======    ======
Year Ended
December 31,
1996
           Return &       
            Allowances     $  115    $   35      $   -        $   -     $  150

           Allowance for
            Doubtful 
            Accounts-Trade 
            Receivables       752        64          -           255       561

           Volume          
            Discounts       1,803     2,389          -         2,463     1,729

           Product  
            Discontinuance  1,335      (131)         -           429       775
                           ------    ------      ------      -------    ------
           Total           $4,005    $2,357      $   -        $3,147    $3,215
                           ======    ======      ======      =======    ======
           Allowances of
            Doubtful    
            Accounts -
            Retail         
            Contracts      $  567    $  276      $   -        $  252    $  591
                           ======    ======      ======      =======    ======
           Inventory
            Obsolescence   
            Reserve        $2,777    $  527      $   -        $1,564    $1,740
                           ======    ======      ======      =======    ======
           Income Tax
            Valuation      
            Allowance      $2,649    $    -      $   -        $1,414    $1,235
                           ======    ======      ======      =======    ======
Year Ended
December 31,
1997
           Return &   
            Allowances     $  150    $    -      $   -        $   -     $  150

           Allowance for
            Doubtful    
            Accounts-Trade 
            Receivables       561       144        388            25     1,068

            Volume
             Discounts      1,729     2,674          -         2,705     1,698

            Product
             Discontinuance   775         -          -           458       317
                           ------    ------      ------      -------    ------ 
            Total          $3,215    $2,818     $  388        $3,188    $3,233
                           ======    ======     =======      =======    ======
            Allowances of
             Doubtful    
             Accounts -
             Retail         
             Contracts     $  591    $  355     $   28        $   91    $  883

            Inventory
             Obsolescence   
             Reserve       $1,740    $  576     $  265        $  982    $1,599
                           ======    ======     ======       =======    ======
            Income Tax
             Valuation      
             Allowance     $1,235    $    -     $    -        $  268    $  967
                           ======    ======     ======       =======    ======
<PAGE>
                                  GEHL COMPANY

                               INDEX TO EXHIBITS 

Exhibit Number                Document Description 

(2)          Stock Purchase Agreement, dated as of September 12, 1997, between
             Gehl Company and Brunel Holdings, plc [Incorporated by reference
             to Exhibit 2 of the Company's Current Report on Form 8-K, dated
             October 17, 1997]

(3.1)        Restated Articles of Incorporation, as amended, of Gehl Company
             [Incorporated by reference to Exhibit 3.1 to the Company's
             Quarterly Report on Form 10-Q for the quarter ended June 28,
             1997.]

(3.2)        By-laws of Gehl Company, as amended [Incorporated by reference to
             Exhibit 3.3 of the Company's Annual Report on Form 10-K for the
             year ended December 31, 1995]

(4.1)        Amended and Restated Loan and Security Agreement by and between
             ITT Commercial Finance Corp. and Gehl Company and its
             subsidiaries, dated October 1, 1994 [Incorporated by reference to
             Exhibit 4.1 of the Company's Annual Report on Form 10-K for the
             year ended December 31, 1994]

(4.2)        First Amendment to Amended and Restated Loan and Security
             Agreement by and between Deutsche Financial Services Corporation,
             f/k/a ITT Commercial Finance Corp. and Gehl Company and its
             subsidiaries, dated May 10, 1995 [Incorporated by reference to
             Exhibit 4.1 of the Company's Quarterly Report on Form 10-Q for
             the quarter ended July 1, 1995]

(4.3)        Amendment to Amended and Restated Loan and Security Agreement by
             and between Deutsche Financial Services Corporation, f/k/a ITT
             Commercial Finance Corp., Deutsche Financial Services Canada
             Corporation and Gehl Company and its subsidiaries, dated December
             1, 1995 [Incorporated by reference to Exhibit 4.1 of the
             Company's Annual Report on Form 10-K for the year ended December
             31, 1995]

(4.4)        Third Amendment to Amended and Restated Loan and Security
             Agreement by and between Deutsche Financial Services Corporation,
             f/k/a ITT Commercial Finance Corp., Deutsche Financial Services
             Canada Corporation and Gehl Company and its subsidiaries, dated
             as of July 15, 1996.

(4.5)        Amendment to Amended and Restated Loan and Security Agreement by
             and between Deutsche Financial Services Corporation, f/k/a ITT
             Commercial Finance Corp., Deutsche Financial Services Canada
             Corporation and Gehl Company and its subsidiaries, dated October
             2, 1997 [Incorporated by reference to Exhibit 4.1 of the
             Company's Current Report on Form 8-K dated October 17, 1997]

(4.6)        Fifth Amendment to Amended and Restated Loan and Security
             Agreement by and between Deutsche Financial Services Corporation,
             f/k/a ITT Commercial Finance Corp., Deutsche Financial Services,
             a division of Deutsche Bank Canada, and Gehl Company and its
             subsidiaries, dated as of February 5, 1998.

(4.7)        Common Stock Purchase Warrant No. 2, dated June 4, 1997, from
             Gehl Company to William L. Dahl, SVCC TTEE, The Dahl Children's
             Trust, FBO James A. Dahl U/A/D 12-31-84.

(4.8)        Common Stock Purchase Warrant No. 3, dated June 4, 1997, from
             Gehl Company to William L. Dahl, SVCC TTEE, The Dahl Children's
             Trust, FBO Kathryn W. Dahl U/A/D 12-31-84.

(4.9)        Common Stock Purchase Warrant No. 4, dated June 4, 1997 from Gehl
             Company to Rock Creek Partners LTD. 

(4.10)       Loan Agreement between Pennsylvania Economic Development
             Financing Authority and Gehl Company, dated as of September 1,
             1990 [Incorporated by reference to Exhibit 4.1 to the Company's
             Quarterly Report on Form 10-Q for the quarter ended September 29,
             1990]

(4.11)       First Supplemental Loan Agreement between Pennsylvania Economic
             Development Financing Authority and Gehl Company, dated as of
             April 23, 1993 [Incorporated by reference to Exhibit 4.3 to the
             Company's Quarterly Report on Form 10-Q for the quarter ended
             April 3, 1993]

(4.12)       Second Supplemental Loan Agreement between Pennsylvania Economic
             Development Financing Authority and Gehl Company, dated as of
             February 1, 1994 [Incorporated by reference to Exhibit 4.10 to
             the Company's Annual Report on Form 10-K for the year ended
             December 31, 1993]

(4.13)       Mortgage and Security Agreement by and between Gehl Company and
             First Pennsylvania Bank N.A., dated as of September 1, 1990
             [Incorporated by reference to Exhibit 4.2 to the Company's
             Quarterly Report on Form 10-Q for the quarter ended September 29,
             1990]

(4.14)       Rights Agreement, dated as of May 28, 1997, between Gehl Company
             and Firstar Trust Company [Incorporated by reference to Exhibit
             4.1 to the Company's Registration Statement on Form 8-A, dated as
             of May 28, 1997]

(10.1)*      Form of Supplemental Retirement Benefit Agreement between Gehl
             Company and Messrs. J.W. Gehl, Hahn, Mulcahy and Semler
             [Incorporated by reference to Exhibit 10.4 to the Company's Form
             S-1 Registration Statement (Reg. No. 33-31571)].

(10.2)*      Gehl Company Director Stock Grant Plan [Incorporated by reference
             to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q
             for the quarter ended March 29, 1997]

(10.3)*      Amended and Restated Employment Agreement between Gehl Company
             and William D. Gehl dated as of December 19, 1997

(10.4)*      Employment Agreement by and between Victor A. Mancinelli and Gehl
             Company, dated as of October 1, 1995 [Incorporated by reference
             to Exhibit 10.3 of the Company's Annual Report on Form 10-K for
             the year ended December 31, 1995]

(10.5)*      Supplemental Retirement Benefit Agreement by and between William
             D. Gehl and Gehl Company [Incorporated by reference to Exhibit
             10.4 of the Company's Annual Report on Form 10-K for the year
             ended December 31, 1995]

(10.6)*      Supplemental Retirement Benefit Agreement by and between Victor
             A. Mancinelli and Gehl Company [Incorporated by reference to
             Exhibit 10.5 of the Company's Annual Report on Form 10-K for the
             year ended December 31, 1995]

(10.7)*      Gehl Company Shareholder Value Added Management Incentive
             Compensation Plan [Incorporated by reference to Exhibit 10.6 of
             the Company's Annual Report on Form 10-K for the year ended
             December 31, 1995]

(10.8)*      Gehl Savings Plan, as amended and restated executed March 17,
             1997.

(10.9)*      Gehl Company Retirement Income Plan "B", as amended [Incorporated
             by reference to Exhibit 10.7 to the Company's Annual Report on
             Form 10-K for the year ended December 31, 1994]

(10.10)*     Gehl Company 1987 Stock Option Plan, as amended [Incorporated by
             reference to Exhibit 10.9 to the Company's Annual Report on Form
             10-K for the year ended December 31, 1996]

(10.11)*     Form of Stock Option Agreement used in conjunction with the Gehl
             Company 1987 Stock Option Plan [Incorporated by reference to
             Exhibit 4.2 to the Company's Form S-8 Registration Statement
             (Reg. No. 33-38392)]

(10.12)*     Gehl Company 1995 Stock Option Plan, as amended [Incorporated by
             reference to Exhibit 10.11 to the Company's Annual Report on Form
             10-K for the year ended December 31, 1996]

(10.13)*     Form of Stock Option Agreement for executive officers used in
             conjunction with the Gehl Company 1995 Stock Option Plan. 
             [Incorporated by reference to Exhibit 10.12 of the Company's
             Annual Report on Form 10-K for the year ended December 31, 1995]

(10.14)*     Form of Stock Option Agreement for non-employee directors used in
             conjunction with the Gehl Company 1995 Stock Option Plan. 
             [Incorporated by reference to Exhibit 10.13 of the Company's
             Annual Report on Form 10-K for the year ended December 31, 1995]

(10.15)      Technical Assistance and License Agreement by and between Gehl
             Company and Rheiner Maschinenfabrik Windhoff AG, dated as of May
             4, 1985, as amended [Incorporated by reference to Exhibit 10.13
             to the Company's Form S-1 Registration Statement (Reg. No. 33-
             31571)]

(10.16)      Distributorship Agreement by and between Gehl Company and Gehl
             GmbH, dated as of April 15, 1985 [Incorporated by reference to
             Exhibit 10.16 to the Company's Form S-1 Registration Statement
             (Reg. No. 33-31571)]

(10.17)      Trademark Licensing Agreement by and between Gehl Company and
             Gehl GmbH, dated as of April 15, 1985 [Incorporated by reference
             to Exhibit 10.17 to the Company's Form S-1 Registration Statement
             (Reg. No. 33-31571)]

(13)         Portions of the Gehl Company 1997 Annual Report to Shareholders
             that are incorporated by reference herein

(21)         Subsidiaries of Gehl Company 

(23)         Consent of Price Waterhouse LLP

(27)         Financial Data Schedule

(99)         Proxy Statement for 1998 Annual Meeting of Shareholders (To be
             filed with the Securities and Exchange Commission under
             Regulation 14A within 120 days after the end of the Company's
             fiscal year; except to the extent incorporated by reference, the
             Proxy Statement for the 1998 Annual Meeting of Shareholders shall
             not be deemed to be filed with the Securities and Exchange
             Commission as part of this Annual Report or Form 10-K) 

* A management contract or compensatory plan or arrangement.


Except as otherwise noted, all documents incorporated by reference are to
Commission File No. 0-18110.