Stanley Works's Bermuda move cuts tax on U.S. profits

Stanley Works, criticized by lawmakers, unions and Conn. officials for seeking to shift its legal address to Bermuda, acknowledged for the first time that the move would reduce taxes on U.S. profits.

The tool making company says it will save $30 million in taxes annually by maintaining a legal address in Bermuda while keeping its base of operations in New Britain, Conn., its home for 158 years. Chairman and CEO John Trani said the savings involve more than just foreign income.

"Stanley will do what it has to do to be competitive," he said in an interview when asked about tax savings from U.S. operations. The company, which is the largest toolmaker in the U.S., is following its rivals and "will do exactly the same as they do -- no more, no less."

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