A drill press includes a main housing, a drill unit supported by the main housing for relative movement therewith, and a magnetic base for coupling the drill press to a ferromagnetic workpiece. The magnetic base includes a ferromagnetic body having spaced, substantially parallel first and second rails. Each of the first and second rails includes a flat bottom surface engageable with the ferromagnetic workpiece. A coil is positioned between the first and second rails for generating a holding force on the ferromagnetic workpiece. The coil defines a central axis that is parallel with the bottom surface of each of the first and second rails.