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TOUSA plans to complete and sell all homes currently under construction. 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 homes ranging in price from $160,000 to more than $600,000 in the firsy 60 days of which will officially begin June 15. Moody said 55 employeesa of TOUSA will remain with the new compang after TOUSA winds down its localbusiness operations. TOUSA’s predecessor company was foundedc in Houston in 1983 as and completef an initial public offering inMarch 1998. In December 1999, TOUSA Inc. acquired 80 percent of Newmark’s TOUSA Inc.
also acquired 100 percentt of then-public in November 2000. On June 25, 2002, Englre merged with Newmark, and the merged company changee its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it planned to lay off 156 peopls in the Houston area from its Newmark Homes branr beginning May 22 due to the downturm in thehousing market.
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