Settlement Reached In Bandag/Michelin Litigation

Michelin North America, Inc., Michelin Retread Technologies, Inc., and Bandag, Incorporated, announced that they have reached a settlement in their ongoing litigation.

As a result of the agreement all parties have been dismissed from the litigation. Michelin and Bandag have agreed to dismiss all financial claims against all parties. This agreement brings to a close the trial in the United States District Court in Des Moines, Iowa, that began May 13, 2002.