J&A Young, which trades as Jayplas, is setting up a new branch in the factory on the Oakley Hay Industrial estate.
The company has confirmed that jobs will be created, and although bosses would not say how many, the Evening Telegraph understands t
here could be up to 120 people employed at the site.
The unit has been empty since printing firm Quebecor moved out last year, leaving 320 people without jobs.
Darren Thompson, finance director of J&A Young, said: "J&A Young (Leicester) Limited are pleased to announce that we have acquired the former Quebecor World building in Corby.
"This facility will enable the company to expand its current recycling operations to provide innovative facilities for washing and granulating sorted consumer and commercial recyclable plastics and the subsequent production of food grade packaging.
"The company's unique processes will provide a fully 'closed-loop' recycling facility in the UK.
"We will also relocate our headquarters to the site in the new year.
"This innovative facility will create a variety of jobs next year although we are not currently disclosing detailed requirements."
The firm's headquarters are in Oakham and it also has plants in Loughborough, Derby, Manchester and Birmingham.
It will operate one of the first 'closed loop' systems in the country – a system that allows recyclable plastics to be turned into high-quality, food-grade plastics.
Earlier this month, television manufacturer Kenmark revealed it is creating 500 jobs when it opens its new factory in Corby.
Cllr Pat Fawcett, leader of Corby Council, said: "We are pleased to welcome J&A Young to Corby and wish them a successful future. It is great to see companies choosing Corby to settle in and we look forward to this providing the town with more jobs.
"We are particularly keen to attract environmentally- based businesses into the borough to complement our efforts as a council to tackle climate change and provide sustainable housing growth."
And MP Phil Hope said: "This is really good news for Corby.
"That's more than 600 jobs that have been created in the past month in the town.
"In the past I've talked about Corby weathering the storm of the recession and this is another example of how good the system is here for attracting new business to the town."
