Peerless Pump wins innovation award

• Company commended by Chief Executive Network for Best Disruptive Business

LOS ANGELES, Sept. 21, 2007 -- Peerless Pump Company, a leader in pump design, performance and innovation, and provider of high quality pumps, has won the 2007 Chief Executive Network (CEN) Innovation Award for Best Disruptive Business Model. The award will be presented on November 2 at the CEN Innovation Conference in New Orleans, Louisiana at the Ritz-Carlton.

CEN recognizes Peerless Pump for its implementation of its One Peerless Initiative and its efforts in culture change via the "Balanced Business Model". This strategy and has led to a 73% increase in revenues and a significant return on invested capital.

Peerless Pump created the One Peerless Initiative to establish a culture that would motivate the company to reach its performance targets. Founded in 1923, Peerless Pump Company has created one of the most recognized brands in its industry. As a legacy company in mature markets, Peerless had shown little growth from the 1990s through 2003. A new management team decided that in order to achieve its growth objectives, it would need to change the focus of the company. To help achieve its goals, Peerless enlisted the University of Tennessee's Center for Executive Education, which offers one of the nation's top programs in supply chain, and LEAN education. Through a unique combination of management training, culture assessment, LEAN implementation and value-based management, the One Peerless Initiative was developed. This strategy has helped Peerless realize significant benefits including; dramatic reductions in product lead-times and working capital employed, and increased revenue growth and gross margin improvements.

"The One Peerless Initiative has, and will, allow us to address any challenges we face as we pursue our growth objectives. With our top tiers of management trained, and a number of projects underway, all of our business partners will continue to realize the value of One Peerless," said Dean Douglas, President and Chief Executive Officer of Peerless Pump Company.

"The One Peerless Initiative initiated by the team at Peerless Pump is ambitious and worthy of what it takes to be a global competitor in this field," said Bob Grabill, President and CEO of The Chief Executive Network. "'One Peerless' is aimed at dramatic reductions in product lead-times and working capital employed together with business process speed improvements. The results are better gross margins, additional revenues not to mention improved market share."

Peerless Pump Company is a global leader in fluid handling systems. With corporate offices in Indianapolis, Indiana, Peerless has facilities throughout North America and the world.

Chief Executive Network is the premier industry sector organization for CEO's and Senior Executives. The network supports its membership with current information on best practices, recent trends and technological advances.

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