Goodrich Corp. and Rolls-Royce plc have signed a letter of intent proposing the formation of a joint venture company, which would develop and supply engine controls for Rolls-Royce aero engines. If the proposed JV goes ahead, it would enable the two companies to integrate their engine controls activity more closely. It would combine Goodrich's existing UK-based engine controls design and manufacturing business and Rolls-Royce's expertise in the integration of controls into the engine. Goodrich would retain the aftermarket products and services business associated with the JV's products. Under the proposals, each of the contributing companies would own 50% of the company. Around 1100 UK-based Goodrich employees and 500 Rolls-Royce employees in Europe and the U.S. may transfer into the proposed joint venture.