Turrent Lathe

The turret lathe is a form of metalworking lathe that is used for repetitive production of duplicate parts, which by the nature of their cutting process are usually interchangeable. It evolved from earlier lathes with the addition of the turret, which is an indexable toolholder that allows multiple cutting operations to be performed, each with a different cutting tool, in easy, rapid succession, with no need for the operator to perform setup tasks in between, such as installing or uninstalling tools, nor to control the toolpath. The latter is due to the toolpath’s being controlled by the machine, via the mechanical limits placed on it by the turret’s slide and stops, or via electronically-directed servomechanisms for computer numerical control lathes.

Source: Wikipedia