News

News

Bridgestone Firestone And Ryder Renew Long-Term Agreement

NASHVILLE, Tenn. (April 16, 2007) – Bridgestone Firestone North American Tire, LLC (BFNT) and Ryder System, Inc. (NYSE: R) announced today they have renewed their long-term agreement that began in 1990. Under the agreement, BFNT supplies Ryder’s new tire needs, while Bandag, Inc., the nation’s largest retreader, provides Ryder with retreading services. Bridgestone Firestone and Bandag dealers provide local Ryder facilities with just-in-time inventory, tire maintenance, wheel maintenance, retreading and emergency road services.

“The renewal of our agreement reflects our commitment to continue optimizing fleet efficiencies,” said Tony Tegnelia, president of U.S. Fleet Management Solutions for Ryder. “Bridgestone Firestone and Bandag continue to be valued partners in our commitment to providing our customers with best-in-class value and service.”

“We are pleased to announce this long-term pact,” said Singh Ahluwalia, President, commercial products, truck and bus tires, BFNT. “As our companies strengthen and evolve, we look forward to establishing even greater standards of quality service and innovation.”

Art Campagnoni, Vice President, North American commercial sales, truck and bus tires for BFNT commented, “This pact demonstrates a successful relationship in which Bridgestone Firestone works to deliver high-quality solutions for its customers. We value our relationship with Ryder and look forward to continuing to provide high levels of service for years to come.”

On December 5, 2006, Bridgestone Americas Holding, Inc. (BSAH), parent company of BFNT, and Bandag announced that they had entered into an agreement pursuant to which BSAH will acquire the outstanding shares of Bandag. This transaction is expected to close in the second quarter of 2007, subject to the receipt of applicable regulatory approvals.

About Ryder:
Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide.  Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index.  For more information about Ryder System, Inc., visit http://www.ryder.com.

About Bridgestone Americas Holding, Inc.:
Nashville-based Bridgestone Americas Holding, Inc. (BSAH) is the U.S. subsidiary of the Bridgestone Corporation, the world’s largest tire and rubber company. BSAH and its subsidiaries develop, manufacture and market a wide range of Bridgestone, Firestone and associate brand tires to address the needs of a broad range of customers, including consumers, automotive and commercial vehicle original equipment manufacturers, and those in the agricultural, forestry and mining industries. The companies also produce air springs, roofing materials, synthetic rubber and industrial fibers and textiles and operate the world’s largest chain of automotive tire and service centers.

About Bridgestone Firestone North American Tire, LLC:
Nashville-based Bridgestone Firestone North American Tire, LLC (BFNT) is a subsidiary of Bridgestone Americas Holding, Inc., whose parent company, Bridgestone Corporation, is the world’s largest tire and rubber company. BFNT develops, manufactures and markets Bridgestone, Firestone and associate brand tires. The company is focused on wholesale and original equipment markets, supplying passenger, light truck, commercial vehicle, off-road, motorcycle, agricultural and other tires to its customers in North America.

About Bandag, Inc.:
Bandag, Incorporated manufactures retreading materials and equipment for its worldwide network of more than 900 franchised dealers that produce and market retread tires and provide tire management services. Bandag’s traditional business serves end-users through a wide variety of products offered by dealers, ranging from tire retreading and repairing to tire management systems outsourcing for commercial truck fleets. Tire Distribution Systems, Inc. (TDS), a wholly owned subsidiary, sells and services new and retread tires. In addition, Bandag has an 87.5% interest in Speedco, Inc., a provider of on-highway truck lubrication and routine tire services to commercial truck owner-operators and fleets.

About Bandag, Inc.:
Bandag, Incorporated manufactures retreading materials and equipment for its worldwide network of more than 900 franchised dealers that produce and market retread tires and provide tire management services. Bandag’s traditional business serves end-users through a wide variety of products offered by dealers, ranging from tire retreading and repairing to tire management systems outsourcing for commercial truck fleets. Tire Distribution Systems, Inc. (TDS), a wholly owned subsidiary, sells and services new and retread tires. In addition, Bandag has an 87.5% interest in Speedco, Inc., a provider of on-highway truck lubrication and routine tire services to commercial truck owner-operators and fleets.

Use of Forward-Looking Statements
This news release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Such factors include, among others, unanticipated issues associated with obtaining approvals to complete the transaction or other unexpected issues that could impact the closing of the deal. Readers are strongly encouraged to read the full cautionary statements contained in Bandag’s filings with the Securities and Exchange Commission. Both Bridgestone Americas Holdings, Inc. and Bandag disclaim any obligation to update or revise any forward-looking statements.

Additional Information:
In connection with the proposed combination described above (the “Merger”), Bandag will file with the Securities and Exchange Commission (the “SEC”), and will furnish to its shareholders, a proxy statement. Bandag shareholders are advised to read the proxy statement when it is finalized and distributed, because it will contain important information about the proposed Merger. Shareholders will be able to obtain, free of charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at www.sec.gov. Shareholders will also be able to obtain a free copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Bandag, 2905 N. Hwy. 61 Muscatine, IA 52761, Attention: Corporate Secretary, telephone (563) 262-1260, or from Bandag’s website, www.bandag.com. Bandag and certain of its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be “participants” in the solicitation of proxies from shareholders of Bandag in favor of the proposed Merger. Information regarding the persons who may be considered “participants” in the solicitation of proxies will be set forth in Bandag’s proxy statement. Information regarding certain of these persons and their beneficial ownership of Bandag common stock as of January 31, 2006, is also set forth in the Schedule 14A filed by Bandag with the SEC on April 17, 2006.