Lockheed Martin, a major U.S. defence and aerospace company, has completed its acquisition of Ultra Maritime, a Nova Scotia-based undersea defence firm, for $3.45-billion. The deal, signed in July, marks the culmination of Lockheed Martin's investment in Ultra Maritime since 2022. Ultra Maritime, founded in 1947 as Cossar (Canada) Ltd., specializes in advanced undersea and anti-submarine warfare technologies, including sonar solutions, sonobuoys, and torpedo defence systems.
The company serves over 30 allied navies, including those of Canada and the U.S., and employs around 2,000 people across five countries. In Dartmouth, Nova Scotia, Ultra Maritime has more than 250 employees. Lockheed Martin's president of Rotary and Mission Systems, Stephanie Hill, highlighted that the acquisition will enhance the company's ability to meet global demand for undersea warfare capabilities.
The acquisition follows a recent surge in defence and shipbuilding investments in Nova Scotia. Lockheed Martin Canada has also partnered with Invest Nova Scotia, pledging to create up to 320 skilled jobs in the province over the next five years. The deal is expected to inject up to $126-million in salaries and benefits into the local economy, driven by the growing demand for Canadian-made combat management systems.
This announcement comes on the heels of Prime Minister Mark Carney's revelation that German firm TKMS was selected as the preferred bidder to construct 12 new submarines for the Royal Canadian Navy. The deal is anticipated to boost employment opportunities for sailors, maintenance workers, and naval suppliers in Halifax, home to Canada’s largest naval base.