Abstract: An apparatus for forming components from continuous stock includes a stock feeder, a tool bed, a source of pressured fluid and a control panel. The tool bed has a plurality of horizontally extending tooling rails mounted on a vertical front surface for selectively and releasably attaching one or more of a plurality of tool pallets. Each tool pallet has one or more tools for performing forming operations on stock received from the stock feeder. Tool actuators mounted on the pallet are connected to the fluid source through valves operated by the control panel. The tool pallets are easily replaced for maintenance or changeover to a new component. The control panel generates a plurality of screens for programming, testing and automatically running programs consisting of forming steps to be performed.