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.