Black & Decker Corp. plans to spin off PRC, its Virginia-based information systems and services business, in a public stock offering, the company said today. That move, combined with the planned sale of an additional 18 million shares of Black & Decker stock, would net from $331 million to $363 million, it said.
Towson-based Black & Decker said it would use the money to reduce debt.
Black & Decker acquired PRC, which is based in McLean, Va., as part of the 1989 takeover of Connecticut-based Emhart Corp.
Black & Decker tried to sell PRC and other non-hardware divisions of Emhart to reduce its debt following the takeover. Black & Decker offered PRC for sale for $600 million in 1989.