Newmark Homes Houston buying local TOUSA assets - South Florida Business Journal:

kapitonragomo.blogspot.com
TOUSA plans to complete and sell all homes currentlyundedr construction. Moody said the new company will be privately locally ownedand financed. “Ourr management team has over 70 combined experience,” he said. The new company planx to build 60 homes ranging in pricefrom $160,00p to more than $600,000 in the first 60 days of which will officially begin June 15. Moody said 55 employeez of TOUSA will remain with the new company after TOUSs winds down its localbusiness TOUSA’s predecessor company was founded in Houston in 1983 as and completecd an initial public offerinhg in March 1998. In December 1999, TOUSA Inc. acquireds 80 percent of Newmark’s TOUSA Inc.
also acquirefd 100 percent of then-public in Novembere 2000. On June 25, 2002, Engle mergerd with Newmark, and the merged compang changed its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planneds to lay off 156 people in the Houstoh area from its Newmarmk Homes brand beginning May 22 due to the downturnj in thehousing market.