A recoiler/uncoiler for use in a line processing sheet material includes a segmented drum that is expandable from a contracted position to an expanded position. To enable the drum to accommodate coils of sheet material having different internal diameters, a sleeve consisting of sleeve segments which match the segments of the drum is installed on the drum and is expandable and contractible therewith. A cradle moved by a coil cart is transportable to a position circumscribing the sleeve. The cradle includes magnets which hold the sleeve in the expanded position after the sleeve is disengaged from the drum, to thereby permit removal of the sleeve. When the sleeve is reinstalled on the drum, the cradle transports the sleeve to its position circumscribing the drum, the drum is then expanded, and the sleeve is secured to the drum, whereupon the cradle is transported away from the drum and sleeve.