	ic industries 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 pneumo abex had operating income of mln dlrs on sales of 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 mln dlrs and 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 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 reuter 
