Shifting focus: Even as Chevron Phillips Chemical considers a Gulf Coast expansion, the Texas-based company says it will shutter a unit at its Mississippi plant to boost profitability, the joint venture of Chevron and Phillips 66 confirmed Thursday, The Houston Chronicle reports. Chevron Phillips says it will stop by the end of the year U.S. production of paraxylene, a chemical used to produce polyester in swimsuits and high-performance athletic wear. The chemical company manufactures paraxylene and benzene at its refinery complex east of Gulfport. Read the full story.
Tomorrowland: Louis Armstrong New Orleans International Airport is launching a new identification verification service called CLEAR, which allows people going through security to use their eyes or fingerprints as identification. The airport is opening dedicated security lanes for the new scanning technology and is the 27th airport in the U.S. to use the technology. Read the full announcement.
Betting big: One of the world’s biggest tobacco companies is diving into the cannabis market with a $1.8 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45% stake in Cronos Group, the Canadian medical and recreational marijuana provider. The agreement, announced Friday, includes a warrant to acquire additional shares over the next four years that could give Altria, based in Richmond, Virginia, a 55% ownership stake in the Toronto company. Read the full story.
