Mandrel for applying and cutting shrink sleeve material to containers

A mandrel assembly for use in applying tubular film to containers, the mandrel assembly comprising:

• an upper element, a lower element and a cutting insert, the cutting insert disposed axially between the upper element and the lower element and connected for removable and replaceable affixation to the upper and lower elements, the cutting insert having an upper mounting surface and lower mounting surface disposed on opposite ends of the cutting insert body, and an external surface having an inwardly extending peripheral cutting slot that is spaced from both the upper mounting surface and the lower mounting surface.