Nowadays, manufacturing industry has to adapt quickly, with minimum effort, to constant changes on customer demand. On the other hand, concerns regarding the environmental and social impacts of industrial processes is growing. These are ideas behind the project Innovative Reuse of modular knowledge Based devices and technologies for Old, Renewed and New factories (ReBORN). This paper presents the System Assessment Tool, a software application developed in ReBORN, which is used for assessing the sustainability of highly adaptive production systems. The main objective of this evaluation tool is to provide methods and algorithms for assessing the various (re) configuration possibilities and the corresponding effect on the overall system cost, performance and status throughout the entire life-cycle (s) of the manufacturing system. In order to help the system designer to make more informed decisions, different factors relating the life-long assessment of the concerned system and device were taken into account. This results in the optimum utilization of the manufacturing equipment throughout their lifecycle.