Lockheed Martin buys Nova Scotia’s Ultra Maritime for $3.45B
Nov 1, 2026 · Summarized by Fundy Tech from 3 sources
Lockheed Martin has completed its $3.45-billion acquisition of Dartmouth-based Ultra Maritime. The deal brings a major Nova Scotia defence manufacturer into Lockheed Martin’s portfolio.
Key points
- Ultra Maritime is based in Dartmouth and was founded in 1947.
The full story
United States defence and aerospace giant Lockheed Martin has completed its acquisition of Dartmouth-based Ultra Maritime for $3.45-billion. The two companies signed the deal in July, and Lockheed Martin said it had been an investor in Ultra Maritime since 2022.
Ultra Maritime was founded in 1947 as Cossar (Canada) Ltd. It specializes in undersea and anti-submarine warfare. The company says it makes 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.
The company says it employs about 2,000 people in five countries. As of last year, the federal government said it employed more than 250 people in Dartmouth. Lockheed Martin’s president of Rotary and Mission Systems, Stephanie Hill, said the acquisition will help meet growing demand for undersea warfare capability worldwide.
The announcement comes after a recent surge in defence and shipbuilding investment in Nova Scotia. In July, Lockheed Martin Canada partnered with Invest Nova Scotia and committed to adding up to 320 skilled jobs in the province within five years, along with up to $126-million in salaries and benefits. Earlier that month, Prime Minister Mark Carney 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.
Why it matters
The deal matters for jobs, suppliers and spending in Nova Scotia’s defence sector. It also connects local manufacturing more closely to global undersea warfare demand and Halifax’s naval economy.
Who’s affected: Nova Scotia defence jobs and suppliers
What’s next
Lockheed Martin Canada has already committed to add up to 320 skilled jobs in Nova Scotia within five years. The federal submarine procurement process is also expected to move ahead with TKMS as preferred bidder.
What to do
- Follow local defence hiring and supplier opportunities.
- Watch for contract and procurement updates in Halifax.
- Check whether your business can serve the defence supply chain.
Original reporting
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