IC INDUSTRIES &lt;ICX> MAY SELL AEROSPACE UNIT
  IC Industries Inc said its board approved
  a second major step in the reorganization and restructuring of
  the company.
      To implement the plan of sharpening its strategic focus on
  consumer goods and services, the company will give serious
  consideration to the sale of its Pneumo Abex, its aerospace and
  defense company, if it can realize a price which will return
  maximum value to shareholders.
      In 1986, Pneumo Abex had operating income of 118.1 mln dlrs
  on sales of 900.5 mln dlrs.
      IC said it will use the proceeds of any asset sale to
  invest in new high-return businesses in the consumer goods and
  services field.
      The company said it authorized a program to repurchase
  between 500 mln dlrs and 1.0 billion dlrs of IC's common stock
  from time to time when conditions warrant.
      It also said it will begin an immediate cost-reduction
  program to cust annual operating expenses by 50 mln dlrs.
      An IC spokesman said the cost-reduction program involved
  "across-the-board" cuts rather than specific about targeted
  areas.
      IC's board earlier approved a plan to spin off the
  company's Illinois Central Gulf Railroad to shareholders. The
  company's other major subsidiaries are Pet Inc, Pepsi-Cola
  General Bottlers, Midas International Corp and Hussmann Corp.
  

