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Does Eaton manufacture Type M 503 brakes or renewal parts for the 503 brakes?

No, the type M Bulletin 503 brake was discontinued approximately 1965. The recommended solution is to replace the entire brake with an up to date GH505 mill duty brake. See the attached general replacement information drawing 71-711 for additional information. 

  1. 71-711.pdf
  1. GH505 Brakes.pdf