Tempe-based T.W. Lewis to wind down operations in 2012

Tempe-based homebuilder T.W. Lewis says it has sold its remaining land assets to a Texas builder and will wind down the company in 2012. Tom Lewis, T.W. Lewis' founder and CEO, said Wednesday that David Weekley Homes, a privately held builder based in Houston, would assume all the company's existing employees, offices and active subdivisions over the coming year. Lewis said the deal was not technically a merger or acquisition because Weekley was not acquiring the legal entity known as T.W. Lewis. Consumers hardly will notice any difference when Weekley takes over operations, Lewis said. Under an unusual partnership agreement, he said, Weekley will continue building out the company's 12 actively selling subdivisions in the Phoenix area. "It will be the same product, the same floor plans, the same contractor partners and the same sales associates," Lewis said. Weekley will begin selling new homes in those communities under the brand "T.W. Lewis Collection by David Weekley Homes," he said.

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