I would look closer into the 440 requirements, it is very likely that this is only required for any 3 phase motors, which upon inspection, may have the option to reconnect for 240.
The control power, or other 1 phase power in the machine is most likely either 240 or 120 1 phase.
The wire gauge for the the motors at lower voltage may be ok, only the fusing and over loads may need adjusting or replacing.
This would be a better option than installing a transformer.
Al.