American defence giant Lockheed Martin has acquired the Nova Scotia-based underwater defence company Ultra Maritime in a deal worth over $3 billion.The takeover was completed last week and has cost the US-based defence conglomerate $3.45 billion. Lockheed stated that they had been an investor in Ultra Maritime since 2022.Founded in Dartmouth in 1947, Ultra Maritime began its existence as Cossor (Canada) Ltd. and is known for their development and construction of anti-submarine warfare technologies, sonobuoys, hull-mounted sonar systems, and towed acoustic arrays.The company specializes in anti-submarine warfare and supplies defence technology and infrastructure for over 30 countries, including Canada and the United States.Despite being founded in Canada, the company operates facilities and offices around the world, with its current headquarters being based in Braintree, Massachusetts.It operates facilities across four countries, including Canada, the United States, the United Kingdom, and Australia, and employs around 2,000 people, including 250 at its facility in Dartmouth.A spokesperson for Lockheed Martin said the acquisition will help Lockheed meet the increasing demand for anti-submarine and underwater defence technology around the world.."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," a statement from Stephanie Hill, the president of rotary and mission systems at Lockheed Martin, reads.The acquisition comes as the federal government has committed to a massive boost in Canada's defence spending, with a particular commitment to prioritizing domestic firms during future procurement plans. Much of this increased defence budget is expected to be diverted to maritime defence and the Royal Canadian Navy, another possible reason why Lockheed may be so keen on investing in the Canadian defence industry.Canada recently agreed to a deal to acquire up to a dozen attack submarines in addition to the expected 15 River-class destroyers that the RCN has begun building. These projects, in addition to future procurement plans, are expected to boost the naval defence industry in key hubs like Nova Scotia. In addition to announcing the acquisition, Lockheed Martin, in conjunction with Invest Nova Scotia, committed to adding 320 skilled jobs in the province over the next five years.It also added that it expects $126 million in salaries and revenue to the local economy, citing the growing demand for Canadian-made combat systems.
