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

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TOUSA plans to complete and sell all homed currentlyunder construction. Moody said the new company will beprivatelhy held, locally owned and financed. “Our managementf team has over 70 years’ combined he said. The new compant plans to build 60 homes rangint in pricefrom $160,000 to more than $600,000 in the firsgt 60 days of operation, which will officially begin June 15. Moody said 55 employees of TOUSA will remainj with the new company after TOUSAq winds down its localbusiness operations. TOUSA’z predecessor company was founded in Houston in 1983 as and completed an initiakl public offering inMarch 1998. In Decembed 1999, TOUSA Inc.
acquired 80 percent of Newmark’e stock. TOUSA Inc. also acquired 100 percenty of then-public in Novembert 2000. On June 25, 2002, Engled merged with Newmark, and the merged company changed its name toTOUSAA Inc. In March, Hollywood, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it plannefd to lay off 156 people in the Houston area from its Newmarkj Homes brand beginning May 22 due to the downturnb in thehousing market.