Modern aircraft assembly demands assembly cells or machines with higher machining efficiency and accuracy. Thus, a dual-machine drilling and riveting cell is developed in this paper. We firstly discuss its physical design, as well as the automatic drilling and riveting process. With the automatic drilling and riveting cell, drilling and riveting production line of aircraft panels can be expected. The frame chain of the drilling and riveting cell is constructed to link the assembly cell to its task space, which is the kinematics base. System calibrations, including task space calibration, the sensor calibration of an orientation alignment unit, the floating calibration of the implicit hand-eye relationship, are explored. For high positioning accuracy, a multi-sensor servoing method is proposed for cell positioning. An orientation-based laser servoing strategy, which uses the feedback of the orientation errors measured by laser displacement sensors, is used to align drilling direction and camera shooting direction. Besides, A single-camera-based visual servoing is applied to align the tool center point (TCP) to reference holes, to obtain their coordinates for drilling position modification. Experiments of multi-sensor servoing for cell positioning are performed on an automatic drilling and riveting machine developed for the panel assembly of an aircraft in China. With the cell positioning method, the automatic drilling and riveting cell can approximately achieve an accuracy of 0.05 mm, which can adequately fulfill the requirement for the assembly of the aircraft.