diff --git a/pandas/io/excel.py b/pandas/io/excel.py
index 84f04188b7906..dcecbedd87dcf 100644
--- a/pandas/io/excel.py
+++ b/pandas/io/excel.py
@@ -71,7 +71,7 @@ def read_excel(io, sheetname=0, **kwds):
 
     Parameters
     ----------
-    io : string, file-like object, or xlrd workbook. 
+    io : string, file-like object, or xlrd workbook.
         The string could be a URL. Valid URL schemes include http, ftp, s3,
         and file. For file URLs, a host is expected. For instance, a local
         file could be file://localhost/path/to/workbook.xlsx
@@ -166,7 +166,7 @@ def __init__(self, io, **kwds):
             self.book = io
         elif not isinstance(io, xlrd.Book) and hasattr(io, "read"):
             # N.B. xlrd.Book has a read attribute too
-            data = io.read() 
+            data = io.read()
             self.book = xlrd.open_workbook(file_contents=data)
         else:
             raise ValueError('Must explicitly set engine if not passing in'
@@ -1029,21 +1029,24 @@ def _convert_to_alignment(cls, alignment_dict):
     @classmethod
     def _convert_to_number_format(cls, number_format_dict):
         """
-        Convert ``number_format_dict`` to an openpyxl v2 NumberFormat object.
+        Convert ``number_format_dict`` to an openpyxl v2.1.0 number format
+        initializer.
         Parameters
         ----------
         number_format_dict : dict
             A dict with zero or more of the following keys.
-                'format_code'
+                'format_code' : str
         Returns
         -------
-        number_format : openpyxl.styles.NumberFormat
+        number_format : str
         """
-
-        from openpyxl.styles import NumberFormat
-
-        return NumberFormat(**number_format_dict)
-
+        try:
+            # >= 2.0.0 < 2.1.0
+            from openpyxl.styles import NumberFormat
+            return NumberFormat(**number_format_dict)
+        except:
+            # >= 2.1.0
+            return number_format_dict['format_code']
 
     @classmethod
     def _convert_to_protection(cls, protection_dict):
diff --git a/pandas/io/tests/test_excel.py b/pandas/io/tests/test_excel.py
index 17407e3a864e2..662f12da8c4d0 100644
--- a/pandas/io/tests/test_excel.py
+++ b/pandas/io/tests/test_excel.py
@@ -1198,6 +1198,7 @@ def test_to_excel_styleconverter(self):
         if not openpyxl_compat.is_compat(major_ver=2):
             raise nose.SkipTest('incompatiable openpyxl version')
 
+        import openpyxl
         from openpyxl import styles
 
         hstyle = {
@@ -1238,7 +1239,14 @@ def test_to_excel_styleconverter(self):
         alignment = styles.Alignment(horizontal='center', vertical='top')
         fill_color = styles.Color(rgb='006666FF', tint=0.3)
         fill = styles.PatternFill(patternType='solid', fgColor=fill_color)
-        number_format = styles.NumberFormat(format_code='0.00')
+
+        # ahh openpyxl API changes
+        ver = openpyxl.__version__
+        if ver >= LooseVersion('2.0.0') and ver < LooseVersion('2.1.0'):
+            number_format = styles.NumberFormat(format_code='0.00')
+        else:
+            number_format = '0.00' # XXX: Only works with openpyxl-2.1.0
+
         protection = styles.Protection(locked=True, hidden=False)
 
         kw = _Openpyxl2Writer._convert_to_style_kwargs(hstyle)