Like a number of other multinationals, the Bayer Group, a Germany-based chemical and pharmaceuticals firm, this spring is including an environmental review with its annual report to shareholders. After all, it's good public relations. But also this spring comes a report linking superior corporate environmental performance with superior competitiveness and profitability. During 1999, the four leading environmental performers among 18 large-cap U.S. manufacturers financially outperformed their industry rivals by 30%, states Innovest Strategic Value Advisors, New York. The four -- Thermo Electron Corp., ITT Industries Inc., United Technologies Corp., and Minnesota Mining & Manufacturing Co. -- scored highly in a 60-point analysis of environmental management capabilities as well as in their capacity to capitalize from environmentally driven market opportunities, explains the investment advisory firm. Just below the leaders -- but still ranking above average in their ability to link environmental and financial performance -- were National Service Industries, Stanley Works, Honeywell International Inc., Johnson Controls Inc., and Corning Inc. Information about the report, "The Manufacturing Industry: Hidden Risks and Value Potential for Strategic Investors," can be obtained by calling Marc Brammer, Innovest Strategic Value Advisors, 212-421-2000.