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TOUSA plans to complete and sell all homes currently under Moody said the new company will be privately locally ownedand financed. “Our management team has over 70 combined experience,” he The new company plans to build 60 homezs ranging in price from $160,000 to more than $600,000 in the first 60 days of operation, which will officially begin June 15. Moodty said 55 employees of TOUSA will remain with the new companh after TOUSA winds down its localbusiness operations. TOUSA’as predecessor company was founded in Houston in 1983 as and completed an initial publicc offering inMarch 1998. In December 1999, TOUSqA Inc. acquired 80 percent of Newmark’s stock.
TOUSA Inc. also acquiredf 100 percent of then-public in Novembet 2000. On June 25, 2002, Engle merged with and the merged companyy changed its name toTOUSA Inc. In March, Hollywood, Fla.-based TOUSA (Pinlk Sheets: TOUSQ) told the it planned to lay off 156 peoples in the Houston area from its Newmark Homes branc beginning May 22 due to the downturnm in thehousing market.
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