Not good. LMC using F-35 profits to buy out Canadian defence industry. But WHY would Ultra sell out to LM? It seems to me that the GoC will have to have boundaries on defence acquisitions if we are to have a sovereign defence industry.
In either case, it points out to the very large challenge we have in establishing sovereign control over our defence industry. IP and profits must be retained in Canada wherever possible or needed (ie if foreign owned, have access to IP developed in Canada).
This raises the question of IP control. Whoever owns the IP controls how, when, and by whom it can be used. The implications of this acquisition on new and potentially even existing installs of any equipment or devices based on Ultra IP comes into question. At the very least, a review of IP restrictions needs to be investigated.
Will this fall under the Lockheed Canada banner? Or just another branch of the US Lockheed in general, where they will off shore or jobs back to the US under Trumps command?
Does this not run counter to Canadian requirements to buy more Canadian borne products as opposed to US systems? Not sure why the Canadian government wouldn't veto this acquisition when it runs counter to its stated interests of Canadian owned and operated military technologies and manufacturing.
Ultra Maritime is an American company with offices and manufacturing in multiple countries. It's not up to Canada to decide what private companies, headquartered in other countries can or cannot do...
Ultra Maritime was founded in 1947, as Cossor (Canada) Ltd., then known as Hermes Electronics Ltd., and is now under Advent International’s portfolio, delivering undersea warfare systems, products and mission-specific tech solutions. So not American Company.
ULTRA-MARINE is the home for several quality products mainly to the marine industry. The company was established in 1981 in Toronto, Canada by HEIDER FUNCK, well known Canadian sailmaker and successful regatta sailor. So while it does operate in the US and UK as well, it is until this acquisition a Canadian company. You are mistaken. This information is actually on Ultra marine sites.
Yes advent bought them in 2022. They injected cash into the company and are flipping it to Lockheed for a handsome profit. The time to block the sale would have been 2022 when Advent added it to their private equity portfolio. We didn’t. It’s gone. End of story. It is a U.S company now. It will be part of Lockheed Martin’s Rotary and Mission Systems business.
Not good. LMC using F-35 profits to buy out Canadian defence industry. But WHY would Ultra sell out to LM? It seems to me that the GoC will have to have boundaries on defence acquisitions if we are to have a sovereign defence industry.
Ultra is owned by an investment group based in Boston Massachusetts. The Canadian division is just a small piece of a global company.
OK. Thanks. I didn’t know about Boston. Used to be a UK company.
Surely the timing of this announcement is no coincidence. I find it frustrating.
I would absolutely agree.
In either case, it points out to the very large challenge we have in establishing sovereign control over our defence industry. IP and profits must be retained in Canada wherever possible or needed (ie if foreign owned, have access to IP developed in Canada).
This raises the question of IP control. Whoever owns the IP controls how, when, and by whom it can be used. The implications of this acquisition on new and potentially even existing installs of any equipment or devices based on Ultra IP comes into question. At the very least, a review of IP restrictions needs to be investigated.
Will this fall under the Lockheed Canada banner? Or just another branch of the US Lockheed in general, where they will off shore or jobs back to the US under Trumps command?
Working on details lol
Let's hope this doesn't include the offshoring of our jobs into the US to appease Trump.
Does this not run counter to Canadian requirements to buy more Canadian borne products as opposed to US systems? Not sure why the Canadian government wouldn't veto this acquisition when it runs counter to its stated interests of Canadian owned and operated military technologies and manufacturing.
Ultra Maritime is an American company with offices and manufacturing in multiple countries. It's not up to Canada to decide what private companies, headquartered in other countries can or cannot do...
Actually not my bad it is Canadian:
Proudly Atlantic Canadian
Ultra Maritime was founded in 1947, as Cossor (Canada) Ltd., then known as Hermes Electronics Ltd., and is now under Advent International’s portfolio, delivering undersea warfare systems, products and mission-specific tech solutions. So not American Company.
My bad... confused Ultra Marine with (Maritime). Will look up is origins though.
ULTRA-MARINE is the home for several quality products mainly to the marine industry. The company was established in 1981 in Toronto, Canada by HEIDER FUNCK, well known Canadian sailmaker and successful regatta sailor. So while it does operate in the US and UK as well, it is until this acquisition a Canadian company. You are mistaken. This information is actually on Ultra marine sites.
The company for sure has deep ties in Canada and the UK but from what I can tell corporate headquarters and ownership is based in Massachusetts.
Maybe I'm wrong but a little digging shows its currently owned by Advent international based in Boston.
Yes advent bought them in 2022. They injected cash into the company and are flipping it to Lockheed for a handsome profit. The time to block the sale would have been 2022 when Advent added it to their private equity portfolio. We didn’t. It’s gone. End of story. It is a U.S company now. It will be part of Lockheed Martin’s Rotary and Mission Systems business.
I was thinking the same thing. Making the announcement just as the PM heads of the Ankara is suspicious..