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Re-conditioning a big European shaper-spindle molder

I'm not sure about shaper vs auto statistics, but there's no doubt in my mind the shaper is one of the most dangerous machines in the shop. That being said, I've been using bevel edge knives and lock edge collars with no problems, at least so far. The knives have ground teeth on one edge that engage a worm screw in the collar. But I'm not at all sure they wouldn't all shear off if the knives loosened up, but they're great for fine adjustments.

With bevel edge knives you need to be scrupulous in your set up. Balanced knives for sure, I use a triple beam balance. Make sure there's no dust between the knives and the collars. Then tighten the spindle nut with your fingers, the knives should be firmly held and not slide if pulled. Then use the spindle wrench and reef it down. Should be a second lock nut also.

When the setup is ready, everyone gets down on the floor or behind a barrier, then I turn the shaper on and wait a minute or so, to be safe. I made an apron made of 1/2' plywood when I wanted to try shaping brass feet with an indexing attachment. Turned out to be an easy cut, but the chips were like fine shrapnel.

What Michael experienced with his excessively heavy cut can also happen from hitting a knot, which may be hidden in the material. But I think the biggest danger is having someone start talking to you while setting up, or getting a phone call. Too easy to miss one critical step from the distraction.
Finally took the time to make this EMA my main profiling shaper with outfeed and infeed rests- takes two 4 1/2" x 2" carbide insert heads, stacked on the spindle. And man does it cut smooth. Way way better than the Felder they were on previously.
And also used the oddball feature, where the fence is attached to the table/spindle insert so it can rotate around the spindle. without losing concentricity. Very useful when a long piece of stock has to be aimed somewhere it won't hit something else in the shop.
Stone, only took 2-1/2 years! Did you end up changing the bearings or grease and go?
I like that fence rotating with the insert collar, mine does not have that feature. Very handy.
You better post a pic of it all done up or it didn’t happen……