Automatic tool changer of machining center

A vertical-type machining center having a spindle carrier which travels in the vertical direction and a turret capable of both rotation and upward and downward movement provided on the spindle carrier, wherein tools are automatically changed over through rotation of the turret caused by relative movement between the turret and the spindle carrier when the upward movement of the turret is checked by a restraining member. A Z-axis position pulse generator is provided on a spindle mechanism drive member, such as the vertical drive motor or a screw shaft, and is adapted to generate a pulse for each revolution of the drive member. The pulses are counted by a counter which delivers a counted value for use in computing the vertical position of the spindle mechanism. The arrangement is such that the rotational speed of the vertical drive motor is controlled so as to move the spindle mechanism at an optimum speed suitable for the vertical position thereof.