Abstract: Apparatus for blanking an integrated circuit (I.C.) chip and the chip's thin flexible ductile leads which extend beyond the four sides of each chip from a segment of film to which the leads are attached and forming the leads including forming a foot at the free end of each lead of the chip in a single operation of a hollow punch having contiguous cutting and forming edges with a contiguous forming surface between them and a hollow die having cutting edges with a forming block having contiguous forming edges and forming shoulders positioned within the die. The punch and die are mounted on a punch press. Alignment means accurately position the chip and its leads with respect to the punch and die. A pressure pad is mounted in the punch and presses the leads against a portion of the forming block to isolate the bonds between the leads and the integrated circuit chip from forces applied to the leads during cutting and forming.