Britain's Rolls-Royce and Goodrich of the US said on Thursday they are planning a 50/50 joint venture to develop and supply engine controls for Rolls-Royce aero engines.

Around 1,100 British-based Goodrich employees and 500 Rolls-Royce employees in Europe and the United States may transfer into the proposed joint venture, the companies said.

"Should it go ahead, the aim would be to complete the joint venture as soon as possible, subject to regulatory review, consultation and approval which is expected to take several months," the pair said in a statement, which gave no value for the deal.

The joint venture would combine Goodrich's British 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 joint venture's products.