IC Industries plans to spin off its...

IC Industries plans to spin off its Illinois Central Gulf Railroad unit as an independent company. Illinois Central Gulf has been streamlined in the past several years from a 9,600-mile railroad to a system of about 3,000 miles serving industrial and agricultural markets among the major freight gateways of Chicago, St. Louis, Memphis, Tenn., and New Orleans. If the IRS approves the plan, IC’s board plans to declare a dividend of Illinois Central Railroad Co. stock to holders of IC Industries common stock, probably within three to six months. The new company would be called the Illinois Central Railroad.