Stanley Works Company

Stanley Works, the largest U.S. hand tools maker, said full-year profit excluding cost savings from a planned reincorporation in Bermuda will rise less than forecast. Stanley expects profit at the upper end of a range of $2.72 to $2.81 a share, less than the $2.91 average estimate of analysts. Shares of Stanley Works fell 85 cents to $42.70 on the NYSE.

Stanley Works, one of several major companies facing a public firestorm over plans to move its headquarters to Bermuda to save on taxes, announced late Thursday that it was withdrawing the proposal. The decision could put pressure on other firms that have moved their headquarters offshore, or are considering doing so, to reincorporate in the United States. New Britain, Conn.

Stanley Works, the largest U.S. hand-tools maker, said it offered to acquire Cooper Industries Inc.'s tool business, which includes Crescent wrenches. Stanley Works wouldn't comment on the terms, a spokesman said. A Cooper spokesman also wouldn't comment. Analysts value Cooper's tool business at $700 million to $800 million. Cooper also makes lighting fixtures. Danaher Corp., the maker of Craftsman tools, is in talks to buy Cooper. Its takeover offer of about $5.