Abstract: A shrinking device (1) for the thermal clamping and release of tools in shrink chucks has a preferably inductively operating heating device (17) for heating tool reception sections of shrink chucks and a cooling device for the active cooling of the heated shrink chucks. The device has several, particularly three work stations (5, 6, 7) and in each work station it is possible both to heat a shrink chuck and also actively cool the shrink chuck received. By pivoting a column (16) carrying the heating device it is possible to interchange between the workstations. The shrinking apparatus makes it possible on a continuous basis to shrink large numbers of tools.