Lockheed Martin completes $3.45B acquisition of Nova Scotia's Ultra Maritime

DARTMOUTH · United States defence and aerospace giant Lockheed Martin has completed its acquisition of Nova Scotia-based undersea defence company Ultra Maritime for $3.45 billion. The deal was signed in July and finalized last week. Lockheed Martin says it had been an investor in Ultra Maritime since 2022. The Dartmouth-based company, founded in 1947, specializes in advanced undersea and anti-submarine warfare.

Ultra Maritime manufactures sonar solutions, sonobuoys and torpedo defence systems used to detect and track submarine threats. Its products are used by allied navies in more than 30 countries, including Canada and the U.S. The company employs about 2,000 people in five countries, with more than 250 of those positions in Dartmouth as of last year. "By joining forces with Ultra Maritime, we’re accelerating our commitment to deliver the most advanced undersea and anti-submarine warfare capabilities to our U.S. and allied partners across the globe," said Stephanie Hill, president of Lockheed Martin's Rotary and Mission Systems division, in a statement. Hill said the acquisition will allow the company to meet growing worldwide demand for undersea warfare capability.

The announcement follows a recent surge in defence and shipbuilding investment in Nova Scotia. In July, after signing the deal with Ultra Maritime, Lockheed Martin Canada also partnered with Invest Nova Scotia. The company committed to adding up to 320 skilled jobs in the province within five years, which it says will contribute 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. That deal is expected to increase the number of sailors, maintenance workers and naval suppliers in Halifax, home to Canada's largest naval base.

With files from The Canadian Press and BNN Bloomberg