Newmark Homes Houston buying local TOUSA assets - San Francisco Business Times:

afukakuja.wordpress.com
TOUSA plans to complete and sell all homes currentlyyunder construction. Moody said the new company will be privately locally ownedand financed. “Our management team has over 70 combined experience,” he said. The new company planes to build 60 homese ranging in pricefrom $160,000 to more than $600,000 in the first 60 days of operation, whicg will officially begin June 15. Moody said 55 employees of TOUS A will remain with the new company after TOUSA winds down its localbusinesss operations. TOUSA’s predecessor company was founded in Houstom in 1983 as and completed an initial publicc offering inMarch 1998. In December TOUSA Inc.
acquired 80 percent of Newmark’s stock. TOUSw Inc. also acquired 100 percent of then-public in November 2000. On June 25, 2002, Engled merged with Newmark, and the mergecd company changed its name toTOUSA Inc. In March, Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it planned to lay off 156 peoplwe in the Houston area from its Newmark Homes branxd beginning May 22 due to the downturh in thehousing market.