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German Charter Airline LTU Reaches Wage Agreement with Union

German charter airline LTU said Saturday it reached a new wage agreement with its pilots, averting the threat of a strike.

LTU said the deal with the Cockpit union calls for pilots to receive a 3% pay rise this year and 2% next year.

The union last week had voted 96 percent in favor of a strike if a new agreement could not be reached.

Pilots had been seeking a 6 percent raise, while the airline had offered 3 percent.

LTU, which has 27 planes and employs some 2,800 people, was purchased by discount carrier Air Berlin PLC in March for 140 million euros ($191.1 million) in a deal that received regulatory approval last week.