Lockheed Martin completes $3.45 billion acquisition of Ultra Maritime
+1 new source since this summary was written
Lockheed Martin finalized the purchase of Nova Scotia‑based Ultra Maritime for US$3.45 billion. Ultra Maritime, founded in 1947, provides sonar, sonobuoy and torpedo‑defence systems and employs about 2,000 people across five countries. The deal follows Lockheed’s prior investment in the company since 2022 and includes a commitment to create up to 320 skilled jobs in Nova Scotia and inject up to US$126 million in salaries and benefits. Stephanie Hill, president of Lockheed’s Rotary and Mission Systems division, said the acquisition will help meet rising global demand for under‑sea warfare capability.
Why it matters
The acquisition expands Lockheed’s portfolio into the under‑sea warfare market, a segment with growing defence budgets, and the transaction price of about 3.5 times Ultra Maritime’s estimated sales is well below Lockheed’s own valuation multiples, suggesting a potentially accretive deal.
Key facts
- 1Lockheed Martin paid US$3.45 billion to acquire Ultra Maritime. toronto.citynews.ca
- 2Ultra Maritime employs about 2,000 people in five countries, including more than 250 in Dartmouth, Nova Scotia. toronto.citynews.ca
- 3Lockheed Martin had been an investor in Ultra Maritime since 2022. toronto.citynews.ca
- 4Lockheed Martin Canada committed to adding up to 320 skilled jobs in Nova Scotia over the next five years. toronto.citynews.ca
- 5Lockheed Martin will inject up to US$126 million in salaries and benefits into the Nova Scotia economy. toronto.citynews.ca
- 6Stephanie Hill, president of Rotary and Mission Systems, said the deal will help meet growing global demand for under‑sea warfare capability. toronto.citynews.ca
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.