Underwater pelletizer with separator

This application claims the priority of German Patent Application Serial No. 199 14 116.9, filed Mar. 23, 1999, the subject matter of which is incorporated herein by reference. An underwater pelletizer for granulating thermoplastics, includes an extruder having a die plate with holes for extruding thermoplastics in the form of single strands which are cut by a rotating cutting tool in short pieces in a cutting plane in parallel relation to an exit plane of the die plate, thereby forming a granulated product. The exit plane of the die plate and the cutting tool are positioned in a chamber which is filled with cooling water streaming through the chamber. The chamber has a cooling water inlet, which is arranged above the pivot axis of the cutting tool, and an outlet, arranged beneath the pivot axis of the cutting tool, for discharge of a mixture of water and granulated product, whereby the outlet is configured as free discharge opening which opens into a separator, positioned immediately underneath the outlet, for separating the granulated product from the cooling water.