Lufttransport Süd, or LTS, was an airline based in Munich and it flew from 1984 until it merged with LTU in 1998.
Parent company LTU opened the subsidiary Lufttransport Süd AG & Co KG Fluggesellschaft (LTS) in August 1983. Soon after its inception, the blue LTS logo and paintjob were changed to a white top/red bottom paintjob with LTU Süd logo in order to more closely match that of its parent company.
Source: Wikipedia

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