Today's tool and grinder is typically a CNC machine tool, usually 4, 5, or 6 axes,

which produces endmills, drills, etc. which are widely used in the metal cutting industry.
Tool and cutter grinders can be adapted to manufacturing precision machine components. The machine, when used for these purposes more likely would be called a CNC Grinding System.

  CNC Grinding Systems are widely used to produce parts for aerospace, medical, automotive, and other industries. Extremely hard and exotic materials are generally no problem for today's grinding systems and the multi-axis machines are capable of generating quite complex geometries.      

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