CHARLOTTE, N.C., Dec. 22, 2008 /PRNewswire-FirstCall/ -- 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.

Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com.

Certain statements made in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's future plans, objectives, and expected performance. Specifically, statements that are not historical facts, including statements accompanied by words such as "believe," "expect," "anticipate," "intend," "estimate," or "plan," are intended to identify forward-looking statements and convey the uncertainty of future events or outcomes. The company cautions readers that any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks, and actual results may differ materially.

Important factors that could cause actual results to differ include, but are not limited to, the transaction closing on December 31, 2008. Further information regarding the factors that could cause actual results to differ materially from projected results can be found in the company's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2007.

The company cautions you not to place undue reliance on the forward- looking statements contained in this release, which speak only as of the date on which such statements were made. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.

Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.

SOURCE Goodrich Corporation; GR - Electronic Systems

CONTACT: Media, Lisa Bottle, +1-704-258-1506, or Laurie Tardif, +1-704-423-7048; or Investor Relations, Paul Gifford, +1-704-423-5517