Stanley Works’ Move to Bermuda OKd

Stanley Works, a 159-year-old toolmaker that once built an advertising campaign around its small hometown, won shareholder approval to move its headquarters from New Britain, Conn., to Bermuda to slash its U.S. income taxes.

Stanley Works expects to trim $30 million off its U.S. tax bill next year by incorporating in the Atlantic Ocean archipelago, which doesn’t charge income tax to businesses, said Gerard Gould, a company spokesman.

The tool producer will still pay federal income taxes on U.S. sales, Gould said.

Stanley shares fell 22 cents to $46.51 on the NYSE.