Bandag-Michelin agree to changes for franchisees

MUSCATINE, Iowa (June 21)—Bandag Inc. and Michelin Retread Technologies Inc. have agreed to drop non-compete obligations for their franchisees and to allow franchisees more flexibility in handling the competitors' retread products during normal fleet service procedures. The actions are part of the recent settlement of the companies unfair trade practices lawsuits against each other. Bandag and Michelin are sending identically worded letters to all affected parties, according to a copy of the letter posted by Bandag on the U.S. Securities and Exchange Commission Web site.