Newmark Homes Houston buying local TOUSA assets - Business First of Buffalo:

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TOUSA plans to complete and sell all homesa currentlyunder construction. Moody said the new company will beprivatelu held, locally owned and financed. “Ourd management team has over 70 years’ combined experience,” he The new company plans to build 60 homes ranging in pricefrom $160,00 0 to more than $600,000 in the first 60 days of which will officially begin June 15. Moody said 55 employeexs of TOUSA will remain with the new company aftef TOUSA winds down its localbusiness operations. TOUSA’s predecessor compang was founded in Houston in 1983 as and completef an initial public offerinv inMarch 1998. In Decemberf 1999, TOUSA Inc.
acquired 80 percent of Newmark’ stock. TOUSA Inc. also acquired 100 percent of then-public in Novembefr 2000. On June 25, 2002, Engl merged with Newmark, and the merge d company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it plannedc to lay off 156 people in the Houston area from its Newmarko Homes brand beginning May 22 due to the downturn in thehousing market.