LTU International Airlines
2006: INTRO buys 100% of the LTU Group which, together with Lufthansa and Condor, is among the only airlines offering long-distance flights in Germany. Since the insolvency of Swiss Air – which had been the owner of LTU up to 2002 – LTU has been deeply in the red. In the year 2006 LTU is the fourth largest airline in Germany with a sales volume of over one billion Euros and Germany's newest fleet: 15 Airbuses 320 and 321 as well as 12 Airbuses A330. Peter Oncken becomes CEO – Hans Rudolf Wöhrl is chairperson of the supervisory board.
Success came soon. Within a very short period of time:
- the cost structure of LTU was scrutinized and reconsidered.
- the overall structure was examined and fields which were not core business were separated from the airline.
- the concept of LTU was revised and the emphasis placed on single seat sale and increased frequency.
- growth of the long distance traffic was enhanced by the purchase of two additional A330-200s per year. The middle distance flights are continued without a big growth potential.
- necessary action was taken to successively discontinue unprofitable routes.
- a transparent tariff system was implemented.
2007: Within one year LTU experienced a growth in sales volume of 12% – the break-even point was already reached during fiscal year 2007.
On March 27th all shares of LTU are sold to Air Berlin.
On August 17th Peter Oncken retires from his position as CEO, after the sale was approved by the Cartel Office.