Lockheed Martin Completes $3.45 Billion Acquisition of Dartmouth-Based Ultra Maritime
Lockheed Martin has finalized its $3.45 billion purchase of Ultra Maritime, a Dartmouth, Nova Scotia defense firm specializing in anti-submarine warfare technology. The company plans to add 320 jobs in the region over five years, supported by provincial incentives, amid broader Canadian submarine fleet modernization efforts.
Lockheed Martin has completed its $3.45 billion acquisition of Ultra Maritime, a defense company based in Dartmouth, Nova Scotia, that specializes in detecting and countering submarine and underwater threats. 
Founded in 1947 as Cossor (Canada) Ltd., Ultra Maritime employs approximately 400 people. Its primary products, manufactured entirely in Dartmouth, include sonobuoys, hull-mounted sonar systems, and towed acoustic arrays.
Stephanie C. Hill serves as president of Rotary and Mission Systems at Lockheed Martin, while Kristen Leroux is vice-president and regional executive for Lockheed Martin Canada and Latin America.
As part of its expansion plans, Lockheed Martin announced it will add 320 highly skilled jobs to its existing workforce of 505 employees in Dartmouth over the next five years. During this expansion period, the company could spend up to $126 million on salaries and benefits. To support the growth, Invest Nova Scotia announced a performance-based payroll rebate that could provide Lockheed Martin with up to $9.6 million over five years.
Over the past five years, Lockheed Martin’s Nova Scotia operations have supported an annual average of 941 jobs and generated $736 million in total value for the provincial economy. This includes $478 million in labour income and $118 million in government revenue.
The acquisition takes place alongside broader developments in Canada's defense sector. In early July, Prime Minister Mark Carney announced a combined German-Norwegian design as the preferred option to replace Canada’s aging submarine fleet. The federal government will negotiate a final contract with ThyssenKrupp Marine Systems for up to 12 diesel-electric submarines, with four new vessels expected to be delivered by 2034.