Newmark Homes Houston buying local TOUSA assets - Sacramento Business Journal:

symowugebeda.blogspot.com
TOUSA plans to complete and sell all homes currentlyunder construction. Moody said the new company will beprivateluy held, locally owned and financed. “Our management team has over 70 combined experience,” he said. The new companty plans to build 60 homes ranging in pricefrom $160,00p to more than $600,000 in the firsty 60 days of operation, which will officially beginj June 15. Moody said 55 employees of TOUSA will remaimn with the new compan after TOUSA winds down its localbusiness TOUSA’s predecessor company was founded in Houston in 1983 as and completex an initial public offering in March 1998. In December 1999, TOUSAq Inc.
acquired 80 percent of Newmark’s stock. TOUSwA Inc. also acquired 100 percent of then-public in Novemberr 2000. On June 25, 2002, Engle merged with Newmark, and the mergede company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pino Sheets: TOUSQ) told the it planned to lay off 156 peopler in the Houston area from its Newmark Homea brand beginning May 22 due to the downturnb in thehousing market.