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A speed lathe is a lathe that does one or two operations really fast but is less versatile. It is a useful tool for machining parts and for other purposes.

A speed lathe is a type of lathe that is designed to operate much faster than its common counterpart. These machines are generally only used for small tasks such as finishing an object or removing burs left over from earlier manufacturing steps. ... A common machining lathe holds on to a work piece at two points.