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The methods you can use for changing the speed of a motor depend upon the type of motor. If it is an AC induction motor (the most common type), then there is no simple method for changing speed other than adding a frequency inverter drive (which is neither simple nor cheap). You might look into how the motor is coupled to the mechanism. If it uses pulleys, then changing a pulley to a different size may be the easiest solution. The other possibility is to change the motor to one that naturally runs slower (because it has more "poles"). Getting a compatible motor that will fit in the same location would take some work though.
