Osram is increasing its savings target from EUR220m (US$283m) to EUR300m by 2022.

The cumulative impact of several individually-led programmes across Osram business units has resulted in expectations being beaten with regards to savings, according to the supplier.

"Last year we continued to drive forward our transformation and made good progress with our execution programmes", said Osram Licht CEO, Olaf Berlien. "We are keeping our promise. Osram will further accelerate the transformation.

For his part, Osram CFO, Ingo Bank added: "After a challenging fiscal year 2019, due to a weak automotive industry and a demanding takeover process, Osram is showing a robust start to the current fiscal year.

"Implementing various efficiency programmes at an early stage has proven to have made a significant contribution towards this positive outcome. As a result, the management board is taking advantage of this momentum and extended the overall savings target to EUR300m.

"But of course, we will not get Osram back on track simply by making savings. We have already begun to streamline our product portfolio. This will bring operational benefits in production. We also intend to make targeted investments in research and development."

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