EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT
Twin Disc, Incorporated, the registrant (a Wisconsin Corporation) owns directly or indirectly 100% of the following subsidiaries:
| 1. | Twin Disc International, S.R.L. (a Belgian corporation) |
| 2. | Twin Disc S.r.l. (an Italian corporation) |
| 3. | Rolla Sp Propellers SAGL (a Swiss corporation) |
| 4. | Twin Disc (Pacific) Pty. Ltd. (an Australian corporation) |
| 5. | Twin Disc (Far East) Ltd. (a Delaware corporation operating in Singapore and Hong Kong) |
| 6. | Twin Disc (Far East) Pte. Ltd. (a Singapore corporation) |
| 7. | Twin Disc (Far East) Pte. Ltd. (an Indian special entity) |
| 8. | Twin Disc Japan (a Japanese corporation) |
| 9. | Twin Disc Power Transmission Private, Ltd. (an Indian limited liability corporation) |
| 10. | Twin Disc Power Transmission (Shanghai) Co. Ltd. (a Chinese corporation) |
| 11. | Twin Disc NL Holding B.V. (a Netherlands corporation) |
| 12. | Veth Propulsion Holding, B.V. (a Netherlands corporation) |
| 13. | Veth Propulsion B.V. (a Netherlands corporation) |
| 14. | Twin Disc European Distribution S.R.L (a Belgian corporation) |
| 15. | Katsa Oy (a Finnish corporation) |
| 16. | TD Finland Holding Oy (a Finnish corporation) |
| 17. | Twin Disc New Zealand Limited (a New Zealand corporation) |
| 18. | Kobelt Manufacturing Co. Ltd. (a Canadian corporation) |
Twin Disc, Incorporated also owns 66% of Twin Disc Nico Co. LTD. (a Japanese corporation).
The registrant has neither a parent nor any other subsidiaries. All of the above subsidiaries are included in the consolidated financial statements.