The 30 month COMET project aims to overcome the challenges facing European manufacturing industries by developing innovative machining systems that are flexible, reliable and predictable with an average of 30% cost efficiency savings in comparison to machine tools. From a conceptual point of view, industrial robot technology could provide an excellent base for machining being both flexible and cost efficient. However, industrial robots lack absolute positioning accuracy, are unable to reject disturbances in terms of process forces and lack reliable programming and simulation tools to ensure right first time machining, once production commences. These three critical limitations currently prevent the use of robots in typical machining applications. The COMET project is co-funded by the European Commission as part of the European Economic Recovery Plan (EERP) adopted in 2008. The EERP proposes the launch of Public-Private Partnerships (PPP) in three sectors, one of them being Factories of the Future (FoF). Factories of the Future is a EUR 1.2 billion program in which the European Commission and industry are collaborating in research to support the development and innovation of new enabling technologies for the EU manufacturing sector. The 14 project partners combine their experience and expertise in manufacturing from 8 countries across Europe to use plug-and-produce COmponents and METhods for adaptive control of industrial robots enabling high-end machining for cost effective, flexible and reliable manufacturing solutions.