Lockheed Martin Acquires Ultra Maritime for $3.45 Billion

Defense industry giant Lockheed Martin has announced its acquisition of Ultra Maritime, a company specializing in submarine warfare systems and sonar technologies, for $3.45 billion in cash. The deal is seen as part of Lockheed Martin's strategy to expand its submarine capabilities. The acquisition will add Ultra Maritime's advanced sonar systems and submarine countermeasure technologies to Lockheed Martin's portfolio. With this move, the company aims to become a stronger player in submarine modernization programs, particularly for the U.S. Navy and allied nations. Lockheed Martin CEO James Taiclet stated that the agreement will significantly enhance the company's capabilities in the submarine warfare domain. Ultra Maritime's existing employees and operations will be integrated into Lockheed Martin's Rotary and Mission Systems segment. The deal is expected to close in 2024, subject to regulatory approvals. Lockheed Martin anticipates that the acquisition will contribute to earnings per share starting in 2025. This is not investment advice.