An apparatus for cutting separate portions of a food product and inserting dividers between adjacent portions, in which a cutting blade is ultrasonically energized during a first cutting movement, the blade is withdrawn while a divider sheet is inserted between the blade and the food item, and then the blade is driven in a second cutting movement to fold the divider sheet and to insert the thus-folded divider sheet into the cut between the two now separate portions of the food item. A particular feature of the invention is a camming mechanism to provide precise support for and folding of the divider sheet.