DARTMOUTH — United States defence and aerospace giant Lockheed Martin has acquired Nova Scotia-based undersea defence company Ultra Maritime for $3.45 billion. Lockheed Martin completed its acquisition of Ultra Maritime last week after the two companies signed a deal in July. Lockheed Martin says it had been an investor in Ultra Maritime since 2022. Based in Dartmouth, N.S., and founded in 1947 as Cossar (Canada) Ltd., Ultra Maritime specializes in advanced undersea and anti-submarine warfare. The company’s website says it manufactures sonar solutions, sonobuoys and torpedo defence systems to detect and track submarine threats for allied navies in more than 30 countries, including Canada and the U.S. Ultra Maritime says it employs about 2,000 people in five countries, and as of last year, the federal government said the company employed more than 250 people in Dartmouth, N.S. Lockheed Martin’s president of Rotary and Mission Systems, Stephanie Hill, says the acquisition of Ultra Maritime will allow it to meet the growing demand for undersea warfare capability worldwide. “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 a statement from Hill. The announcement comes after a recent surge in investment in defence and shipbuilding in Nova Scotia. After inking the deal with Ultra Maritime, Lockheed Martin Canada also partnered with Invest Nova Scotia in July, committing to adding up to 320 skilled jobs in the province within the next five years. It says it will add up to $126 million in salaries and benefits to the local economy based on growing demand for its Canadian-made combat management system. Earlier that month, Prime Minister Mark Carney also announced that German firm TKMS was the preferred bidder to build 12 new submarines for the Royal Canadian Navy. The deal is expected to increase the number of sailors, maintenance workers and naval suppliers in Halifax, home to Canada’s largest naval base. This report by The Canadian Press was first published Nov. 1, 2026. The Canadian Press
