This paper is Part II of a two part work in which we derive localizati
on theory for elastic waves in plane-stratified media, a multimode pro
blem complicated by the interconversion of shear and compressional wav
es, both in propagation and in backscatter. We consider the low freque
ncy limit, i.e., when the randomness constitutes a microstructure. In
Part I, we set up the general suite of problems and derived the probab
ility density and moments for the fraction of reflected energy which r
emains in the same mode (shear or compressional) as the incident field
. Our main mathematical tool was a limit theorem for stochastic differ
ential equations with a small parameter. In this part we use the limit
theorem of Part I and the Oseledec theorem, which establishes the exi
stence of the localization length and other structural information, to
compute: the localization length and another deterministic length, ca
lled the equilibration length, which gives the scale for equilibration
of shear and compressional energy in propagation; and the probability
density of the ratio of shear to compressional energy in transmission
through a large slab. This last quantity is shown to be asymptoticall
y independent of the incident field. We also extend the results to the
small fluctuation, rather than the low frequency case.