Stanley Works Plans Bermuda Revote

ByJohn S. McClenahen New Britain, Conn.-based Stanley Works, a maker of tools and hardware products, will hold a special meeting "as soon as possible" to allow shareholders to revote on its controversial planned re-incorporation in Bermuda. The company believes that the previous vote, which narrowly approved re-incorporating the company in Bermuda to reduce its income-tax burden, was "fair and appropriate." However, shareholders have raised questions about the voting of shares in 401(k) accounts. "Even the appearance of impropriety is unacceptable," says Chairman and CEO John M. Trani. "That is why the decision was made to proceed with a revote." However, Trani says the company's strategy has not changed. "Enabling our company to better compete by leveling the global playing field is strategically important and highly beneficial for our shareowners, employees, customers and other our other stakeholders," he states. "Being competitive is the best way to preserve U.S jobs. A legislative overhaul of the tax system is preferred, but until that happens we must proceed in the best available manner."