AN award-winning Brighouse engineering firm has been bought out in a £72m deal.

And the new American owners of Alco Valves have pledged more investment in the Calderdale firm - with possibly new jobs in the pipeline.

Alco celebrated winning a Queens Award only six months ago and has now been bought by Minneapolis-based Graco Inc.

Graco is a leading manufacturer of fluid handling equipment and is delighted to have captured Alco, who make high-quality, high pressure valves used in the oli and gas industries.

The Brighouse firm was set up in 1977 and produces goods under the brands Alco Hi-Tek, Alco Valves, Alco Sub-Tek, and Alco Process.

Patrick J McHale, president and CEO of Graco,said: “Gaining additional exposure to the oil and natural gas industry is a logical extension for Graco and a strategically important initiative that will support our long-term sales and profit goals.

“Alco manufactures a comprehensive range of technically advanced high integrity valve products, a strong fit with Graco’s core competencies of designing and manufacturing advanced flow control technologies.

“We believe that enhancing our position in this space will pave the way for future growth opportunities.”

Alco operates manufacturing facilities in both Manchester and Calderdale and has warehousing and sales operations in Houston, Texas, and Toronto, Canada,

and Singapore. The manufacturing and engineering base will stay in the UK.

Stuart Lomax. Alco president and owner, said: “This is a terrific opportunity for Alco and our employees.

“Graco has the financial resources to invest in and grow the business, and I am confident that this is the right move at the right time to take our company to the next level of global competition.”

Alco generated approximately £19 million of revenue in the last 12 months.

Alco Valves, which has more than 100 employees, won the Queen’s Award for outstanding growth in overseas earnings over the past three years.

The company has a strong presence in key markets established over its 35-year history and maintains close relationships with clients in order to understand and anticipate Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense, and spray fluid and powder materials.