Abstract: A knife assembly 10 for transversely severing at least one elongated web of material including: a sharpened blade member 12, a blade holder 14, a blade holder support assembly 16, an adjustable biasing member 18, a carriage assembly 20, and a backing member 44. The blade member 12 and the blade holder 14 are removably retained in the support assembly 16 by a quick release pin 26. The support assembly 16 is attached to the biasing member 18 by way of a swivel connection 32, The biasing member maintains abutment of the sharpened edge of the blade 12 with the backing member 44 during the cutting operation. A self-orienting assembly maintains the blade 12 in a preferred orientation with respect to the carriage assembly 20 during any period that the blade 12 is not abutting the backing member 44. The cutting assembly 10 is also capable of cutting moving material and simultaneously winding the leading end of the severed material on a cylindrical core that also acts as the backing member 44.