A machining apparatus has a frame defining first and second upper machining stations horizontally offset from each other and first and second lower transfer stations underneath the first and second upper machining stations. First and second spindles have respective workpiece grabs and are displaceable vertically on the frame between upper positions in the respective machining stations and lower positions in the respective transfer stations. A workpiece conveyor extending through the transfer stations can transport workpieces into and out of the transfer stations. A holder carrying tools is displaceable horizontally on the frame between the machining stations. A chip deflector has first and second parts movable between catch positions underneath the respective first and second machining stations and parked positions not underneath the respective first and second machining stations.