EXHIBIT 22


   SUBSIDIARIES OF REGISTRANT

        The Corporation 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 Corporation.  The Corporation 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.

                                                     Jurisdiction of
   Name of Subsidiary                                Incorporation  

   Bandag A.G..........................................Switzerland
   Bandag Canada Ltd...................................Canada
   Bandag Europe N.V...................................Belgium
   VV-System AG........................................Switzerland
   Bandag Licensing Corporation........................Iowa
   Bandag Incorporated of S.A. (Proprietary) Limited...South Africa
   Bandag Group Limited................................New Zealand
   Bandag do Brasil Ltda...............................Brazil
   Bandag B.V..........................................Netherlands
   Bandag de Mexico, S.A. de C.V.......................Mexico