Vertical turning

Vertical turning  is a highly productive process for the machining of round workpieces, and is a machining process for metal components. EMAG was one of the first machine tool manufacturers to use the vertical turning process with suspended spindle. In vertical turning with suspended spindle (also called vertical „pick-up“ turning) the workspindle  takes over both the workholding function for the machining process (vertical turning, drilling, milling, ...) and the automation process. So called vertical turning machines or vertical pick-up turning machines are primarily used in the manufacture of large batches of high-quality metal components. EMAG’s first, world-renowned series of vertical turning machines was the VSC. But what began life as a machine for vertical turning soon developed into a multi-functional production centre.
Astounding innovation: vertical turning
When vertical turning (on vertical pick-up turning machines) was first contemplated, the experts asked themselves: What will be the advantage if the mainspindle of a turning machine collects the workpiece like a movable pick-up arm, holds it during machining and afterwards unloads it? The answer is obvious. Practically every application will show enormous time savings, as different processes are combined in one continuous, compact cycle. An important core element of the vertical turning machine is the overhead slide with integrated pick-up spindle. It carries the quill that contains the workspindle and (on the VSC series of machines) travels in X, Y and Z axis. Other advantages of the VSC machines are their extreme rigidity, high rapid travers speeds, short strokes and an integral cooling system that guarantees precision, great productivity rates and short idle times.
Above info  is from the reference.