IC Industries Inc. has filed a registration...

IC Industries Inc. has filed a registration statement with the SEC required for the spinoff of the Illinois Central Railroad. The Chicago-based parent company said it expects to distribute about 21 million shares of Illinois Central common stock to shareholders by the end of the year, after a favorable ruling by the Interstate Commerce Commission last week. Under the proposed plan, IC Industries shareholders will receive one share of Illinois Central common stock for each five shares of IC Industries common stock they hold. With the spinoff of the railroad, IC Industries will change its name to Whitman Corp., as previously announced, effective Dec. 1.