Graphic Packaging (GPK) said late Monday it has implemented certain cost and production optimization initiatives and now expects savings of about $60 million in staffing and other cost reductions next year.

The company expects severance and other one-time costs and noncash charges tied to the initiatives in a range of $20 million.

Graphic Packaging also said it intends to accelerate certain inventory reduction plans into Q4 that were originally planned for 2026. The company expects production curtailment to affect Q4 operating results by $15 million, which it said is in addition to the $15 million pertaining to curtailments announced previously.

Graphic Packaging now expects full-year adjusted earnings to be between $1.75 and $1.95 per share, compared with its prior outlook range of $1.80 to $2. Full-year net sales are still seen between $8.4 billion and $8.6 billion.

Analysts polled by FactSet are looking for $1.92 and $8.56 billion, respectively.

Graphic Packaging shares were down 4.2% in recent premarket activity.