A hellish piece of professional laundry equipment wreaks havoc in a tiny New England town in this horror film. It all begins in The Blue Ribbon Laundry, a place run by the ruthless, crippled old Bill Gartley. With no feelings at all for his employees, he demands absolute obedience and unrelenting hard work. One day an old speed iron goes crazy, sucks in and permanently presses a hapless worker. The rest of the crew is frightened and in shock, but this does not stop old Gartley from cruelly ordering them back to work

A police officer investigates the case and begins suspecting that the sinister owner is concealing something. When a boy suffocates in an abandoned refrigerator that had somehow come in contact with the speed iron, the cop calls in his friend the theoretical parapsychologist who deduces that there is a "transference of evil" going on.

Meanwhile, Gartley is putting the moves on comely Lin Sue; he also is interested in messing with his own niece. Both girls have been harmed by the evil iron and have contributed some of their precious blood to it. It is the cop who discovers that in order for Gartley to remain successful, he must see that the demonic machine periodically receives such sacrificial donations.