Control Data will spin off Commercial Credit Co.

The financially troubled computer manufacturer said it plans to spin off the profitable subsidiary into a public company as a way of raising money. Company officials said they expect that a public offering of Commercial Credit’s stock would reduce the computer maker’s ownership of the financial-services unit to less than 20%. Sanford I. Weill, former president of American Express, would become chairman and chief executive of Baltimore-based Commercial Credit, Control Data said. Weill and his management team would buy stock in the spun-off company, the company said.