PEERLESS MANUFACTURING <PMFG.O> SELLS UNIT
  Peerless Manufacturing Co said it has sold
  its Industrial Sensors and Instruments Division and Panhandle
  Equipment Co subsidiaries for a total of 635,000 dlrs in cash.
      It said the transaction will result in a loss of about
  605,000 dlrs or 50 cts per share, which it will take in the
  fourth quarter ending June 30. Peerless said due to the sale it
  will probably have a loss for the year.
      It said it sold the units, to buyers it did not name, due
  to increasing losses caused by the depressed petroleum
  equipment market.
                                  
      Peerless earned 576,000 dlrs or 63 cts per share in fiscal
  1986.
      It said the units being sold lost 28 cts per share in the
  first nine months of fiscal 1987 and 12 cts in all of fiscal
  1986.