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Article: Technical Olympic (TOUSA) Enters Baltimore, Maryland Market Via Acquisition Of Masonry Homes, Inc.
- Article from:
- PR Newswire
- Article date:
- November 20, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TECHNICAL OLYMPIC USA, INC. (TOUSA), today announced it has entered the Baltimore, Maryland market through the acquisition of Masonry Homes for approximately $28 million in cash through January 2003 plus additional performance-based payments in the future. The acquisition is part of TOUSA's strategy to expand within its existing markets and selectively enter new markets.
The acquisition of Masonry immediately provides TOUSA with approximately 240 lots and an option to acquire 2,000 lots over the next several years from related land development entities. The agreement also provides for first rights to acquire all future additional residential land acquired by ...