A molding apparatus includes a plurality of deep-draw compression molds. Each of the molds includes a mold cavity and an associated mold core. A rotating support structure operatively supports the mold cavities and the mold cores relative to each other. The molds open and close as they travel around a closed path defined by the support structure. A mold material discharge mechanism deposits a predetermined amount of mold material in each of the molds. A heat source superheats the molds, and a mold closing mechanism closes the superheated molds, compressing the mold material between the mold cavities and the mold cores to form a deep-draw component A coolant source rapidly and actively cools the molds, and a mold opening mechanism opens the cooled molds. An ejector is disposed to eject the deep draw components from the molds. A method of molding deep-draw components is also disclosed. The system and method of the present invention facilitate compression molding of deep-draw components.