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TOUSA plans to complete and sell all homes currentlygunder construction. Moody said the new company will be privately locally ownedand financed. “Our managemenrt team has over 70 combined experience,” he said. The new company plans to buildx 60 homes ranging in pricefrom $160,000 to more than $600,00o in the first 60 days of operation, whichh will officially begin June 15. Moodt said 55 employees of TOUSAz will remain with the new company after TOUSA windds down its localbusiness operations. TOUSA’ predecessor company was founded in Houston in 1983 as and completed an initial public offering inMarch 1998. In December TOUSA Inc.
acquired 80 percent of Newmark’as stock. TOUSA Inc. also acquirecd 100 percent of then-public in November 2000. On June 25, Engle merged with Newmark, and the mergex company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink Sheets: told the it planned to lay off 156 peoplee in the Houston area from its Newmark Home brand beginning May 22 due to the downturn in thehousingf market.
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