Apparatus for cutting segments from a strip of film and for mounting the segments in reusable fixtures. Each segment is severed from the strip and mounted in a single cycle of operation of the apparatus. A cutting die is provided with a nonlinear symmetrical cutting edge lying in a die cutting plane. A punch is provided with a bottom surface substantially the size of a segment. The cutting plane of the punch has a linear punch cutting edge formed at the intersection of the bottom surface and the punch cutting plane, and the punch is mounted in cutting relationship with the die. Positioning means position the strip so that a boundary between segments lies in the die cutting plane. As the punch moves toward the die and a fixture located below the die, a segment is severed from the strip by the cutting action of the punch and die cutting edges which co-operate to minimize the forces applied to the segment tending to change the orientation of the segment to the punch. The punch is also provided with a pair of segment retaining pins to further minimize movement of the segment relative to the bottom surface of the punch during the severing step and until the segment is mounted in the fixture by the punch which occurs substantially at the end of the punch's down stroke when the punch forces the attachment webs of the segment between pairs of retention lugs of the fixture. The punch is provided with lug receiving recesses into which the retention lugs of the fixture can project.