Goodrich Corporation (NYSE: GR) and Rolls-Royce Group plc announced today that they have signed all appropriate agreements related to the formation of a joint venture company to develop and supply engine controls for Rolls-Royce aero engines. The two companies previously announced the intention to form the joint venture on August 14, 2008.

The joint venture company, Rolls-Royce Goodrich Engine Control Systems Limited, will operate as Aero Engine Controls. It combines Goodrich's existing UK-based engine controls design and manufacturing business and Rolls-Royce's expertise in the integration of controls into the engine. Each of the contributing companies owns 50 per cent of Aero Engine Controls. Goodrich will retain the aftermarket products and services business associated with the joint venture's products.

The transaction is expected to close on December 31, 2008. As part of the transaction, Goodrich expects to receive $100 million in cash.