Newmark Homes Houston buying local TOUSA assets - Pittsburgh Business Times:

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TOUSA plans to complete and sell all homes currentlyundere 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 plans to build 60 homes ranging in pricsefrom $160,000 to more than $600,000 in the firsty 60 days of which will officially begin June 15. Mooduy said 55 employees of TOUSA will remain with the new company after TOUSA winds down its local business operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completedc an initial public offering inMarch 1998. In Decembed 1999, TOUSA Inc. acquired 80 percent of Newmark’s stock.
TOUS A Inc. also acquired 100 percent of then-public in November 2000. On June 25, Engle merged with and the merged company changex its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it plannecd to lay off 156 peoples in the Houston area from its Newmark Homee brand beginning May 22 due to the downturnm in thehousing market.