diff --git a/nt/ChangeLog b/nt/ChangeLog
index d3500a1f1d8..c15ddcc08ad 100644
--- a/nt/ChangeLog
+++ b/nt/ChangeLog
@@ -1,3 +1,9 @@
+2001-09-04  Eli Zaretskii  <eliz@is.elta.co.il>
+
+	* makefile.w32-in ($(INSTALL_DIR)/bin): Depend on $(INSTALL_DIR),
+	since some versions of `mkdir' don't automatically create parent
+	directories.  From Bruno Grossniklaus <bruno.grossniklaus@ubs.com>.
+
 2001-08-31  Eli Zaretskii  <eliz@is.elta.co.il>
 
 	* subdirs.el: New file.
diff --git a/nt/makefile.w32-in b/nt/makefile.w32-in
index 20dc2a2f95c..166314ce686 100644
--- a/nt/makefile.w32-in
+++ b/nt/makefile.w32-in
@@ -128,7 +128,7 @@ bootstrap-clean-gmake:
 $(INSTALL_DIR):
 	- mkdir "$(INSTALL_DIR)"
 
-$(INSTALL_DIR)/bin:
+$(INSTALL_DIR)/bin: $(INSTALL_DIR)
 	- mkdir "$(INSTALL_DIR)/bin"
 
 #