diff --git a/binutils/ChangeLog b/binutils/ChangeLog
index 2444671efce..bdf4273a20c 100644
--- a/binutils/ChangeLog
+++ b/binutils/ChangeLog
@@ -1,5 +1,9 @@
 Mon Aug  4 11:47:31 1997  Ian Lance Taylor  <ian@cygnus.com>
 
+	* Makefile.am (install-exec-local): Create $(tooldir)/bin before
+	trying to install anything into it.
+	* Makefile.in: Rebuild.
+
 	* Makefile.am (TOOL_PROGS): Use an explicit $(EXEEXT).
 	(install-exec-local): When handling $(noinst_PROGRAMS), only use
 	$(EXEEXT) on the installed file.  When handling $(TOOL_PROGS),
diff --git a/binutils/Makefile.am b/binutils/Makefile.am
index 91236536a68..2ee03bfb604 100644
--- a/binutils/Makefile.am
+++ b/binutils/Makefile.am
@@ -304,6 +304,7 @@ install-exec-local: $(bin_PROGRAMS) $(noinst_PROGRAMS)
 	    $(LIBTOOL)  --mode=install $(INSTALL_PROGRAM) $$p $(bindir)/`echo $$p|sed -e 's/.new//'|sed '$(transform)'`$(EXEEXT); \
 	  else :; fi; \
 	done
+	$(mkinstalldirs) $(tooldir)/bin
 	for i in $(TOOL_PROGS); do \
 	  if [ -f $$i ]; then \
 	    j=`echo $$i | sed -e 's/.new//' -e 's/$(EXEEXT)//'`; \
diff --git a/binutils/Makefile.in b/binutils/Makefile.in
index 2d5d343b953..435eb47926c 100644
--- a/binutils/Makefile.in
+++ b/binutils/Makefile.in
@@ -1008,6 +1008,7 @@ install-exec-local: $(bin_PROGRAMS) $(noinst_PROGRAMS)
 	    $(LIBTOOL)  --mode=install $(INSTALL_PROGRAM) $$p $(bindir)/`echo $$p|sed -e 's/.new//'|sed '$(transform)'`$(EXEEXT); \
 	  else :; fi; \
 	done
+	$(mkinstalldirs) $(tooldir)/bin
 	for i in $(TOOL_PROGS); do \
 	  if [ -f $$i ]; then \
 	    j=`echo $$i | sed -e 's/.new//' -e 's/$(EXEEXT)//'`; \