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, 1996
                                       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 
of incorporation or organization)        (I.R.S. Employer Identification No.)


        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)

     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: $62,982,805 at February 17, 1997.

     Number of shares outstanding of each of the registrant's classes of
common stock, as of February 17, 1997:


     Class                               Shares Outstanding
   
 Common Stock, $.10 Par Value               6,182,852        


                      DOCUMENTS INCORPORATED BY REFERENCE

        Gehl Company 1996 Annual Report to Shareholders (Parts I and II)
    Gehl Company Proxy Statement for the 1997 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)

<PAGE>
                                 GEHL COMPANY 
                               _________________ 

                                   INDEX TO 
                          ANNUAL REPORT ON FORM 10-K 

                     For The Year Ended December 31, 1996  
                                                                        Page  
Part I                                                                         
                                                                               
Item 1             Business   . . . . . . . .                           1

Item 2             Properties . . . . . . . .                           7

Item 3             Legal Proceedings  . . . . .                         7

Item 4             Submission of Matters to a Vote of Security Holders  7

                   Executive Officers of the Registrant . . .           8

Part II

Item 5             Market for Registrant's Common Equity and Related
                   Shareholder Matters  . . .                          10

Item 6             Selected Financial Data  .                          10

Item 7             Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                 10

Item 8             Financial Statements and Supplementary Data         10

Item 9             Changes in and Disagreements with Accountants
                   on Accounting and Financial Disclosure              10

Part III
Item 10            Directors and Executive Officers of the Registrant  11

Item 11            Executive Compensation . .                          11

Item 12            Security Ownership of Certain Beneficial Owners
                   and Management                                      11

Item 13            Certain Relationships and Related Transactions      11

Part IV

Item 14            Exhibits, Financial Statement Schedules and
                   Reports on Form 8-K  . . .                          12

Signatures. . . . . . . . . . . . . . . . . .                          13

<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 138 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.  

     Equipment for Gehl Construction is manufactured 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.


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,
                         1994                  1995                   1996

                   Amount       %      Amount       %     Amount        %

 Net sales:
 Gehl
  Construction $ 51,796      35.3%  $ 64,381      42.0% $ 70,826        44.4%

 Gehl
  Agriculture    94,824      64.7     89,071      58.0    88,836        55.6
                -------      ----   ---------    ------  -------       ------

      Total  . $146,620      100%   $153,452     100%   $159,662        100%


 Income from
 operations:
 Gehl
  Construction $  8,542     65.9%   $ 13,164     96.7%  $ 12,967        83.4%

 Gehl 
  Agriculture     4,419     34.1         449      3.3      2,580        16.6
                 ------    -----      ------    -----     ------        -----

      Total  .  $12,961     100%    $ 13,613     100%   $ 15,547        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 12 of "Notes to Consolidated Financial
Statements", included on Pages 22 and 23 of the Gehl Company 1996 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 six models of skid
              steer loaders which feature a choice of hand-operated controls
              or hand and foot controls.  The skid steer loader, with its
              fixed-wheel four-wheel drive, is used principally for materials
              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 five 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 116
independent dealers (with 261 outlets) and worldwide through 23 distributors. 
The top ten dealers and distributors in Gehl Construction accounted for
approximately 13% of the Company's sales for the year ended December 31, 1996;
however, no single dealer or distributor accounted for more than 4% of the
Company's sales for that period.  Sales of the skid steer loader and rough-
terrain forklift product lines by Gehl Construction each accounted for more
than 10% of the Company's net sales in 1994, 1995 and 1996.  

     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 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, Latin America, the Middle East and the Pacific Rim.  The Company
believes it is a significant competitor in the skid steer loader market in
Western Europe.


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 and sickle 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 six different models of skid steer loaders and the
              Dyna-Handler[R] 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[R] is a rough-terrain telescopic forklift with
              digging capabilities.  The skid steer loader and Dyna-Handler[R]
              forklift are marketed by both Gehl Agriculture and Gehl
              Construction.   

     4.       Manure Handling - Gehl offers a broad range of manure spreaders,
              including the Scavenger[R].  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 557 geographically dispersed dealers (with 615 outlets). 
Eighty-one of these dealers are located in Canada.  Gehl Agriculture also
markets products through 22 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 7% of the
Company's sales for the year ended December 31, 1996 and no one dealer or
distributor accounted for over 1.5% of the Company's sales during that period. 
Sales of the skid steer loader product line by Gehl Agriculture accounted for
more than 10% of the Company's net sales in 1994, 1995 and 1996. 

     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 by providing training, equipment demonstrations and assistance with
sales, 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 1996.  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 and 1996 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, 1996 was $42.7
million versus $47.5 million at December 31, 1995.  Virtually all orders in
the backlog at December 31, 1996 should be shipped in 1997.  The decreased
backlog at December 31, 1996 was due to somewhat larger percentage decreases
in Gehl Construction compared to Gehl Agriculture orders.  Order backlog is
lower in Gehl Construction due to a reduced rate of sales growth and in Gehl
Agriculture due to reduced market demand for certain products.

     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.  Gehl 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 a rate of between 1.5% to 3.0% above the prime rate or on occasion
provides interest-free extensions of up to six months upon payment by the
dealer of curtailments generally between 10% to 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 Gehl equipment to end users.  Additionally, a number of Gehl 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 through Gehl
Finance[R], 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 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 36 to 48
months.  The Company continues to service the finance contracts it sells,
including cash collections.  See Note 2 of "Notes to Consolidated Financial
Statements," Page 18, and "Management's Discussion and Analysis," Page 13 of
the Gehl Company 1996 Annual Report to Shareholders, which pages are
incorporated by reference herein.

Employees

     As of December 31, 1996, the Company had 832 employees, of which 538 were
hourly employees and 294 were salaried employees.  At the production
facilities in West Bend, Wisconsin, one of four Gehl production facilities,
226 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-three years. 

Manufacturing

     The Company is currently expanding its two South Dakota manufacturing
facilities and believes that its present manufacturing facilities, as
expanded, will be sufficient to provide adequate capacity for its operations
in 1997.  

     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 1996. 


Research and Development

     The Company attempts to maintain and strengthen its market position
through internal new product development and incremental improvement to
existing products.  Products obtained through acquisition have generally
undergone redesign by the Company to enhance their marketability.  This
redesign was in some cases major.  

     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
$2.2 million, $1.4 million and $1.2 million on research and development for
the years ended December 31, 1996, 1995 and 1994, 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[R] name and the group of patents relating to the
Scavenger[R] 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 12
of "Notes to Consolidated Financial Statements," Page 23, of the Gehl Company
1996 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,
1996, 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 1996 Annual Report to
Shareholders, which page is incorporated by reference herein. 


                 Approximate
                 Floor Area in  Owned or
                 Square Feet    Leased(1)    Principal Uses
 West Bend, WI       450,000    Owned        General offices and
                                             engineering, research and
                                             development and manufacture of
                                             products for Gehl Agriculture

 Madison, SD         110,000    Owned        Manufacture of skid steer
                                             loaders for Gehl Construction
                                             and Gehl Agriculture
 Lebanon, PA         170,000    Owned(2)     Manufacture of products for
                                             Gehl Agriculture

 Yankton, SD          68,000    Owned        Manufacture of products for
                                             Gehl Construction

(1)  For information regarding collateral pledges and the Company's lease
     commitments and  options, see Notes 5 and 10 of "Notes to Consolidated
     Financial Statements", included on Pages 9 and 22, of the Gehl Company
     1996 Annual Report to Shareholders, which pages are incorporated by
     reference herein.

(2)  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.

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, 1996.

<PAGE>

Executive Officers of the Registrant.

     Set forth below is certain information concerning the executive officers
of the Company as of February 1, 1997:


Name, Age and Position                      Business Experience


 William D. Gehl, 50,             Mr. Gehl has served as Chairman of the
     Chairman, President, Chief   Board of Directors of the Company since
     Executive Officer and        April, 1996.  Mr. Gehl has served as
     Director                     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, 53,        Mr. Mancinelli has served as Executive
     Executive Vice President     Vice President and Chief Operating
     and Chief Operating Officer  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. Prior to 1987, Mr. Mancinelli served
                                  in a variety of management positions with
                                  Cummins Engine Company, Inc.

 John W. Gehl, 55,                Mr. Gehl has served as Vice President,
     Vice President,              International of the Company since 1992. 
     International                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.

 Kenneth P. Hahn, 39,             Mr. Hahn joined the Company as Corporate
     Vice President of Finance    Controller in April, 1988.  Mr. Hahn was
     and Treasurer                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, 50,          Mr. Mulcahy has served as General Counsel
                                  of the Company since 1974 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, 57,           Mr. Semler joined the Company in May,
     Vice President of Data       1960 and has served in his current
     Systems                      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 1997 Annual
Meeting of Shareholders is currently scheduled for April 16, 1997.  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 1996 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 1996 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 1996 Annual Report to Shareholders, which pages are hereby
incorporated herein by reference.

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 1996 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 1997 Annual Meeting of Shareholders ("Proxy
Statement")<F1>.  Information with respect to executive officers of the Company
appears at the end of Part I, Pages 8 through 9 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.

     Pursuant to Instruction G, the information required by this item is
hereby incorporated by reference from the caption "Executive Compensation -
Summary Compensation Information" set forth in the Proxy Statement.


<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 14 hereof.

               3.  Exhibits.

               Reference is made to the separate exhibit index contained
               on Pages 17 through 19 hereof.

          (b)  Reports on Form 8-K. 

               No reports on Form 8-K were filed by the Company during the
               quarter ended December 31, 1996.

<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:  February 21, 1997           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,       February 21, 1997
William D. Gehl      Chief Executive Officer and Director 
                     (Principal Executive Officer)

/s/ Kenneth P. Hahn  Vice President of Finance and Treasurer February 21, 1997
Kenneth P. Hahn      (Principal Financial and Accounting Officer)

/s/ Thomas J. Boldt           Director                       February 21, 1997
Thomas J. Boldt

/s/ Fred M. Butler            Director                       February 21, 1997
Fred M. Butler

/s/ John W. Gehl              Director                       February 21, 1997
John W. Gehl

/s/ William P. Killian        Director                       February 21, 1997
William P. Killian

/s/ Arthur W. Nesbitt         Director                       February 21, 1997
Arthur W. Nesbitt

/s/ Roger E. Secrist          Director                       February 21, 1997
Roger E. Secrist

/s/ John W. Splude            Director                       February 21, 1997
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, 1996 and 1995                            14
               Consolidated Statements of Income
                 for the three years ended
                 December 31, 1996                                     15
               Consolidated Statements of
                 Shareholders' Equity for the
                 three years ended December 31, 1996                   15
               Consolidated Statements of Cash
                 Flows for the three years ended
                 December 31, 1996                                     16
               Notes to Consolidated Financial
                 Statements                                         17-23

* Incorporated by reference from the indicated pages of the Gehl Company 1996
Annual Report to Shareholders.

                                                                    Page in
                                                                   Form 10-K
                                                              
             (2) Financial Statement Schedule: 
               Report of Independent Accountants
                      on Financial Statement Schedule                 15
               For the three years ended
                 December 31, 1996 --
                   Schedule II - Valuation and Qualifying Accounts    16
                   

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, 1997 appearing in the 1996 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, 1997 
<PAGE>

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



                                               Additions
                                               ---------
                           Balance
                            at     Charged to    Charged               Balance
                        Beginning   Costs and   to Other                at End
Period     Description   of Year    Expenses    Accounts   Deductions  of Year
------     -----------  ---------  ----------   ---------  ----------  -------

Year Ended
December 31,
1994        Return &
            Allowances    $ 115          $ -        $ -         $ -    $ 115

            Allowance
            for
            Doubtful
            Accounts-
            Trade
            Receiv-
             ables        1,843         (888)         -         316      639

            Volume
            Discounts     2,108        2,200          -       2,318    1,990


            Product
            Discontinuance    -        1,600          -           -    1,600
                          -----        -----      -----       -----    -----
            Total        $4,066       $2,912      $ -        $2,634   $4,344
                         ======       ======      =====      ======    =====
            Allowances
            for
            Doubtful
            Accounts -
            Retail
             Contracts    $ 650        $ 424        $ -       $ 570    $ 504
                          =====        =====       ====       =====    =====
            Inventory
            Obsolescence
            Reserve      $3,881       $1,523        $ -      $1,352   $4,052
                         ======       ======       ====       =====    =====

            Income Tax
            Valuation
            Allowance    $7,096       $ -           $ -      $1,409   $5,687
                         ======       ======       ====       =====    =====

Year Ended
December 31,
1995        Return &
            Allowances    $ 115          $ -        $ -         $ -    $ 115
      
            Allowance
            for
            Doubtful
            Accounts-
            Trade
            Receiv-
             ables          639          165          -          52      752


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

            Product
            Discontin-
                uance     1,600            -          -         265    1,335

                          ------       ------      -----      ------   ------
            Total        $4,344       $2,191        $ -      $2,530   $4,005

                         ======       ======      =====      ======   ======

            Allowances
            for
            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
            Receiv-
            ables           752           64          -         255      561

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

            Product
            Discontin-
              uance       1,335         (131)         -         429      775

                          -----        -----        ---       -----    -----
            Total        $4,005       $2,357        $ -      $3,147   $3,215
                         ======       ======       ====      ======    =====
            Allowances
            for
            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
                         ======       ======     ======      ======   ======

<PAGE>
                                    GEHL COMPANY

                                 INDEX TO EXHIBITS 

Exhibit Number               Document Description 

(3.1)                        Restated Articles of Incorporation of Gehl
                             Company [Incorporated by reference to Exhibit
                             3.1 to the Company's Form S-1 Registration
                             Statement (Reg. No. 33-31571)]

(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)                        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]

(4.2)                        Common Stock Purchase Warrant, dated as of March
                             5, 1993, from Gehl Company to State of Wisconsin
                             Investment Board [Incorporated by reference to
                             Exhibit 4.14 to the Company's Annual Report on
                             Form 10-K for the year ended December 31, 1992]

(4.3)                        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]

(4.4)                        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]

(4.5)                        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]

(4.6)                        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]

(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)*                      Employment Agreement between Gehl Company and
                             William D. Gehl, dated as of July 1, 1995
                             [Incorporated by reference to Exhibit 10.2 of
                             the Company's Annual Report on Form 10-K for the
                             year ended December 31, 1995]

(10.3)*                      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]

(10.4)*                      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]

(10.5)*                      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]

(10.6)*                      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]

(10.7)                       Gehl Savings Plan, as amended [Incorporated by
                             reference to Exhibit 10.6 to the Company's
                             Annual Report on Form 10-K for the year ended
                             December 31, 1994]

(10.8)*                      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]

(10.9)*                      Gehl Company 1987 Stock Option Plan, as amended 

(10.10)*                     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)]

(10.11)*                     Gehl Company 1995 Stock Option Plan, as amended

(10.12)*                     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]

(10.13)*                     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]

(10.14)                      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)]

(10.15)                      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)]

(10.16)                      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 1996 Annual Report
                             to Shareholders that are incorporated by
                             reference herein

(21)                         Subsidiaries of Gehl Company [Incorporated by
                             reference to Exhibit 21 to the Company's Annual
                             Report on Form 10-K for the year ended December
                             31, 1994]

(23)                         Consent of Price Waterhouse LLP

(27)                         Financial Data Schedule

(99)                         Proxy Statement for 1997 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 1997
                             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.