Abstract: An apparatus for forwardly and laterally indexing a strip provided with an angular blanking pattern along a zigzag path is provided with an adjustable indexing cam mechanism. Forward and lateral indexing assemblies are provided as an integral unit whose operation is synchronized with that of a strip processing machine by means of a direct drive arrangement. The extent of lateral indexing is adjustable by altering the degree of eccentricity of a master cam plate provided within the indexing cam mechanism. The indexing cam mechanism provides the apparatus with dwell periods within which the strip is subjected to one or more operations, for example, blanking, with the dwell periods being independent of the degree of eccentricity of the master cam plate.