Abstract: A machine tool for performing a plurality of operations on a workpiece, i.e. a transfer machine, has two tools which are alternatively presentable to the workpiece and which are mounted coaxially for common rotation on the front end of a spindle. The spindle is rotatably mounted in a sleeve which is mounted for axial displacement in a fixed head. The displacement of the sleeve, which may be effected by a rack and pinion, serves to feed a first one of the tools to effect its machining operation. A front portion of the sleeve projects beyond the head and carries an actuator for causing the second tool to move axially relative to the first. After machining by the first tool, operation of the acutator serves to initiate displacement of the second tool to commence its machining operation. To provide a common rotary drive for both tools, the spindle or a prolongation thereof extends rearwardly of the head and is splined to a drive pulley mounted in an axially fixed position on the rear of the head.