Newmark Homes Houston buying local TOUSA assets - Birmingham 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. “Ourt management team has over 70 years’ combined he said. The new company plans to build 60 homes rangintg in pricefrom $160,000 to more than $600,0090 in the first 60 days of which will officially begin June 15. Moody said 55 employees of TOUSA will remainh with the new company after TOUSA winds down its locaplbusiness operations. TOUSA’s predecessor company was foundes in Houston in 1983 as and completee an initial public offering inMarcbh 1998. In December TOUSA Inc. acquired 80 percent of Newmark’s stock.
TOUSsA Inc. also acquired 100 percent of then-public in November 2000. On June 25, Engle merged with Newmark, and the merged compang changed its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink TOUSQ) told the it planned to lay off 156 peoplre in the Houston area from its Newmark Homesd brand beginning May 22 due to the downturmn in thehousing market.