SUBSIDIARIES OF REGISTRANT
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         The Company has the following subsidiaries including significant
subsidiaries as defined in Regulation S-X, each incorporated in the jurisdiction
stated opposite its name. All of the following subsidiaries are 100% owned by
the Company. The Company has additional subsidiaries, which, if considered in
the aggregate as a single subsidiary, would not constitute a "significant
subsidiary" as such term is defined in Regulation S-X.

Name of Subsidiary                                 Jurisdiction of Incorporation
- ------------------                                 -----------------------------
Bandag A.G. .................................................Switzerland
Bandag Canada Ltd. ...............................................Canada
Bandag Europe N.V. ..............................................Belgium
Bandag Licensing Corporation.  .....................................Iowa
Bandag Incorporated of S.A. (Proprietary) Limited ..........South Africa
Bandag New Zealand Limited ..................................New Zealand
Bandag do Brasil Ltda ............................................Brazil
Bandag B.V. .................................................Netherlands
Bandag de Mexico, S.A. de C.V. ...................................Mexico
BTC, Inc. ......................................................Delaware
Tire Distribution Systems, Inc. ................................Delaware
Tire Management Solutions, Inc. ....................................Iowa