Defence giant Lockheed Martin acquires N.S.-based undersea warfare company

U.S. defence and aerospace giant Lockheed Martin has acquired Nova Scotia-based undersea defence company Ultra Maritime for $3.45 billion, completing its acquisition last week after signing a deal in July. Founded in 1947 as Cossar (Canada) Ltd., Ultra Maritime specializes in advanced undersea and anti-submarine warfare, manufacturing sonar solutions, sonobuoys, and torpedo defence systems to detect and track submarine threats for allied navies in over 30 countries.

The acquisition is expected to allow Lockheed Martin to meet the growing demand for undersea warfare capabilities worldwide, as stated by Stephanie Hill, Lockheed Martin's president of Rotary and Mission Systems. This acquisition comes after a surge in defence and shipbuilding investment in Nova Scotia, with Lockheed Martin Canada committing to adding up to 320 skilled jobs and $126 million in salaries and benefits to the local economy.

Additionally, the Prime Minister announced German firm TKMS as the preferred bidder to build 12 new submarines for the Royal Canadian Navy, further boosting the local naval industry.

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