Abstract: A machine tool having an automatic tool changer including a single drive motor for rotation and lateral movement of a tool storage magazine of the automatic tool changer. The single drive motor is connected to a transmission for selectively moving the magazine between a withdrawn storage position and an advanced position whereby a selected tool holder may be brought into engagement with the spindle. A carriage frame supports the magazine on a trackway for lateral movement and a rack gear extends parallel to a trackway. A speed reducer is connected to the drive motor and has an output shaft that supports a pinion gear positioned to engage the rack and a casing that is connected to the magazine.