After reporting a robust financial result for its Fiscal 1Q20, Osram further announced a better than expected performance of its efficiency programs.

The German company said that thanks to the increased efficiency and the initiated measures, its savings target will increase from its original target of EUR 220 million (US$ 237.5 million) euros to EUR 300 million (US$ 323.87 million) by 2022. The cumulative impact of several individually-led programs across Osram business units has resulted in beating expectations with regards to savings. Together, they have already succeeded in achieving improvements in the operating result in the first quarter of the current fiscal year.

Olaf Berlien, CEO of OSRAM, noted that, "Last year we continued to drive forward our transformation and made good progress with our execution programs. We are keeping our promise. Osram will further accelerate the transformation.”

2019 was a challenging fiscal year for Osram with the weak automotive market resulting from worldwide uncertainty. However, Osram had a good start for fiscal 2020 and addressed that it will continue its transformation to focus on high-tech photonics.

Osram noted that in the upcoming 2020 Annual General Meeting of the company, nearly 80% of Osram shares will be in free float. The major shareholder, ams, who is taking over the company with its bid in December 2019, holds about 20% of the shares. According to Osram, the voting rights of the shares offered to ams will only be transferred to ams with the completion of the takeover offer - most likely in the second calendar quarter of 2020.