A magnetic press (10) for performing a manufacturing operation includes tooling (60) operatively connected to reciprocating parts comprising rods (22), and a magnet (41) connected to the rods (22) through a stationary plate (31). A control circuit (200) electrically operates a reciprocating magnet (41) and a stationary magnet (51) for inducing flux fields of attraction in the magnets (41,51), and for reversing the polarity of the flux fields to eliminate residual magnetism and for cushioning the landing of magnet (41) on a return stroke.