In one embodiment, an apparatus and a method of manufacturing a paperboard tray therewith is provided. In particular, a hub is configured to rotate about a shaft. On the hub, a plurality of first molds are formed in the hub. Conversely, a plurality of second molds are each disposed above each of the plurality of first molds respectively and rotate above the first molds. In this configuration, the plurality of second molds are configured to move in unison with the plurality of first molds as the hub and second molds rotate and to move orthogonally towards and then away from the first molds as the second molds rotate.