Corby MP Andy Sawford and Corby Council leader Tom Beattie have met bosses at Solway Foods.
Last week the 2 Sisters Food Group, the owners of the site in Godwin Road, warned that the plant could close with the loss of 900 jobs.
The firm said it was entering a 45-day consultation with staff as the site is not viable in the long term.
Speaking after his meeting with Solway Foods director Veepul Patel, Mr Sawford said: “We have launched a task force in partnership with the company, the borough council and myself, and will be bringing on other partners, such as the Northamptonshire Enterprise Partnership and the county council, as soon as possible.
“We are also talking to the workforce and union representatives.
“It is clear that there is a range of options on the table at the moment.
“This does, unfortunately, include the closure of the site, although the company have assured us that they are also looking at staying on the site or relocating elsewhere in Corby.”
Cllr Beattie said the task force would be looking to meet in about two weeks.
He added: “This morning’s meeting was very much the first step on the path.
“We are now going to chat with the union representatives.
“We want to engage with everyone who can bring something to that discussion.”
In a statement released last week, Solway Foods said: “It is with much regret that we can confirm the business is entering into consultations about the future of our Solway Foods production site in Corby.
“The consultation will explore all possibilities and options available to us, but there is a risk of closure of the site.
“Despite considerable investment over the past two years, our current assessment is that on-going additional funding is required just to keep pace with the demands of a modern high-care food production.
“The scale of this continuing investment means the site would potentially not be viable in the long term.
“In addition, the complexity of serving a wide customer base with an ever-increasing product mix is not a viable proposition for the future.”