Lockheed Martin Completes $3.45 Billion Acquisition of Nova Scotia's Ultra Maritime
Lockheed Martin has finalized its $3.45 billion acquisition of Dartmouth-based undersea defence company Ultra Maritime, following a deal signed in July. The move coincides with broader defence investments in Nova Scotia, including new jobs and a federal submarine procurement.
Lockheed Martin has completed the acquisition of Ultra Maritime, an undersea defence company based in Dartmouth, N.S., for $3.45 billion. The transaction was finalized last week after the two companies signed a deal in July. Lockheed Martin had been an investor in Ultra Maritime since 2022.
Ultra Maritime was founded in 1947 as Cossor (Canada) Ltd. — though some reports spell the original name as Cossar (Canada) Ltd. The company manufactures sonar solutions, sonobuoys, and torpedo defence systems for allied navies in more than 30 countries. It employs about 2,000 people across five countries, with more than 250 employees located in Dartmouth.
Stephanie Hill, president of Rotary and Mission Systems at Lockheed Martin, stated that the acquisition will help meet growing global demand for undersea warfare capabilities.
The purchase comes amid increased defence investment in Nova Scotia. In July, Lockheed Martin Canada partnered with Invest Nova Scotia, committing to add up to 320 skilled jobs in the province within five years. Driven by demand for its Canadian-made combat management system, Lockheed Martin Canada expects to add up to $126 million in salaries and benefits to the local economy.
Earlier in July, Prime Minister Mark Carney announced that German firm TKMS was the preferred bidder to build 12 new submarines for the Royal Canadian Navy. These developments are expected to increase the number of sailors, maintenance workers, and naval suppliers in Halifax.