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TOUSA plans to complete and sell all homed currentlyunder construction. Moody said the new compant will beprivately held, locallgy owned and financed. “Our management team has over 70 combined experience,” he said. The new companyt plans to build 60 homes ranging in pricwefrom $160,000 to more than $600,000 in the firsyt 60 days of operation, which will officiallyg begin June 15. Moody said 55 employees of TOUSAq will remain with the new company afte TOUSA winds down its localbusiness operations. TOUSA’e predecessor company was founded in Houston in 1983 as and completedx an initial public offering inMarch 1998. In December 1999, TOUSA Inc.
acquired 80 percent of Newmark’s stock. TOUSAs Inc. also acquired 100 percent of then-publicc in November 2000. On June 25, Engle merged with Newmark, and the merged company change d its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it plannes to lay off 156 people in the Housto area from its Newmark Homes branr beginning May 22 due to the downturnm in thehousing market.
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