Packaging company MeadWestvaco is launching a program to lower costs by up to $125 million annually by the end of 2015.

The Richmond, Va., company said Wednesday the program includes workforce reductions and other initiatives to generate increased earnings and cash flow.

The program is expected to deliver cost savings of at least $75 million in 2014. That’s in addition to its previously announced plans to reduce overhead by up to $80 million by the end of 2014.

The company also said it expects improved industrial packaging margins by the end of 2014.

Improved margins are also expected in its food and beverage and home, health and beauty packaging segments by the end of 2015.

MeadWestvaco Corp. operates in 30 countries and has customers in more than 100 nations.