diff --git a/CHANGES b/CHANGES
index 7fd805d7..05541a46 100644
--- a/CHANGES
+++ b/CHANGES
@@ -2,6 +2,7 @@ lm-sensors CHANGES file
 -----------------------
 
 SVN HEAD
+  Makefile: Fix MODULE_DIR usage in etc
   pwmconfig: Better diagnostics in pwmdisable
              Give the fans some time to spin up
   sensors-detect: Add Texas Instruments TMP401 detection
diff --git a/etc/Module.mk b/etc/Module.mk
index f9640236..2eb3fafb 100644
--- a/etc/Module.mk
+++ b/etc/Module.mk
@@ -19,6 +19,7 @@
 # 'simply expanded variable'. That means that its value is substituted
 # verbatim in the rules, until it is redefined. 
 MODULE_DIR := etc
+ETC_DIR := $(MODULE_DIR)
 
 ETCTARGET := $(MODULE_DIR)/sensors.conf.eg
 ETCINSTALL := $(ETCDIR)/sensors3.conf
@@ -32,7 +33,7 @@ install-etc:
 	  $(INSTALL) -m 644 $(ETCTARGET) $(DESTDIR)$(ETCINSTALL); \
 	fi
 	$(MKDIR) $(DESTDIR)$(BINDIR)
-	$(INSTALL) -m 755 $(MODULE_DIR)/sensors-conf-convert $(DESTDIR)$(BINDIR)
+	$(INSTALL) -m 755 $(ETC_DIR)/sensors-conf-convert $(DESTDIR)$(BINDIR)
 
 user_install :: install-etc