Newmark Homes Houston buying local TOUSA assets - Silicon Valley / San Jose Business Journal:

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TOUSA plans to complete and sell all homes currentl yunder construction. Moody said the new company will beprivatelg held, locally owned and financed. “Ouer management team has over 70 combined experience,” he said. The new companyh plans to build 60 homes ranging in pricefrom $160,000 to more than $600,00 in the first 60 days of operation, which will officially begin June 15. Moody said 55 employees of TOUSA will remainm with the new company after TOUSA winde down its localbusiness operations. TOUSA’d predecessor company was founded in Houston in 1983 as and completeds an initial public offering in March 1998. In December 1999, TOUSA Inc.
acquirefd 80 percent of Newmark’se stock. TOUSA Inc. also acquired 100 percengt of then-public in November 2000. On June 25, Engle merged with Newmark, and the mergecd company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it plannexd to lay off 156 people in the Houston area from its Newmarjk Homes brand beginning May 22 due to the downturnn in thehousing market.