Abstract: A rotary perforation apparatus for perforating sheet material. The apparatus includes a frame, a die holder mounted on the frame for rotation about a first axis, at least one die mounted on the die holder, a punch carrier mounted on the frame for rotation about a second axis generally parallel to the first axis, and at least one punch mounted on the punch carrier. The punch is movable in a generally radial direction with respect to the second axis. The apparatus also includes a drive mechanism for rotating at least one of the die holder and the punch carrier about its respective axis to effect relative rotation between the die holder and the punch carrier. The rotation is synchronized so the punch on the punch carrier is intermittently cooperable with the die on the die holder for perforating sheet material fed between the die holder and the punch carrier.