An apparatus for molding a portion of a tire having a radial direction that includes a molding press and a mold, said apparatus further comprising: first and second platens, said platens being operatively associated with said press for changing their position relative to each other for opening and closing said mold that is attached to said platens; a first portion of the mold that is attached to the first platen of the molding press and a second portion of the mold that is attached to the second platen of the molding press; and a floating mold alignment mechanism that is operatively associated with the first portion of the mold, the first platen and the molding press, said mechanism includes at least one sliding member that allows the first portion of the mold to freely translate in said radial direction a predetermined amount without interference from another structural member when the mold is opening, wherein said mold alignment mechanism comprises a first slide and a second slide that are operatively associated with the first platen, the first mold portion and the molding press, said slides being arranged for orthogonal movement relative to each other, and wherein said mold alignment mechanism further comprises a first set of needle bearing linear guides that guide the movement of the first slide and a second set of needle bearing linear guides that guide the movement of the second slide, and wherein bolts are provided for connecting an upper platen of the molding press and an outer ring assembly of the upper portion of the mold and further bolts are provided for connecting a lower platen of the molding press and lower portion of the mold, and wherein for each of these bolts compression springs or alternatively disk springs are provided between the head of such a bolt and the bottom surface of a counter bore for the head of the bolt. first and second platens, said platens being operatively associated with said press for changing their position relative to each other for opening and closing said mold that is attached to said platens; a first portion of the mold that is attached to the first platen of the molding press and a second portion of the mold that is attached to the second platen of the molding press; and a floating mold alignment mechanism that is operatively associated with the first portion of the mold, the first platen and the molding press, said mechanism includes at least one sliding member that allows the first portion of the mold to freely translate in said radial direction a predetermined amount without interference from another structural member when the mold is opening, wherein said mold alignment mechanism comprises a first slide and a second slide that are operatively associated with the first platen, the first mold portion and the molding press, said slides being arranged for orthogonal movement relative to each other, and wherein said mold alignment mechanism further comprises a first set of needle bearing linear guides that guide the movement of the first slide and a second set of needle bearing linear guides that guide the movement of the second slide, and wherein bolts are provided for connecting an upper platen of the molding press and an outer ring assembly of the upper portion of the mold and further bolts are provided for connecting a lower platen of the molding press and lower portion of the mold, and wherein for each of these bolts compression springs or alternatively disk springs are provided between the head of such a bolt and the bottom surface of a counter bore for the head of the bolt.