Rolls-Royce plc announced plans to form a new repair and overhaul joint venture with SIFCO Industries Inc. The agreement will involve total investment of $7.5 million shared between the partners. Both companies have signed a letter of intent, which will lead to the formation of a joint venture specializing in advanced technology repair of aero engine blades and vanes for North, Central, and South American markets. Beginning this year, the service will initially be provided from SIFCO's existing facilities in Tampa, Florida. Ultimately, the JV will operate from a purpose-built facility in the Tampa area employing up to 100 people.