I had heard that but I was curious about their longer history and found this:
https://en.wikipedia.org/wiki/Porter-Cable#History
I didn't realize that they're credited with inventing the belt and random orbital sanders.
Re the newer line of PC cordless tools, I suspect they put a different face on the B&D line, hoping to pull in people loyal to Porter Cable.
I couldn't find Makita or Hilti in that graphic, but it is interesting.