On October 12, Allweiler’s Radolfzell location hosted more than 160 visitors from throughout Europe, the Middle East and northern Africa, Asia, and the United States. This Pump Convention addressed issues related to the total costs of owning a pump throughout its entire operational period. Of course, a pump's purchase price is just one element of overall costs. In particular, operational costs like power, the cost of downtime, maintenance, and replacement parts, collectively known as lifecycle costs, are becoming more and more important. Total Cost of Ownership (TCO) denotes the sum of all costs for purchasing and operating a pump. Companies are paying ever closer attention to total costs before purchasing a pump because subsequent operational costs are often twice as high as procurement costs!