The deal is said to be one of the first of its kind in the country.
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The change is anticipated to reduce up to approximately 200 permanent positions.
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TFP provides thermoformed and flexible packaging to the food, retail, and medical sectors.
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Plastic Overshoot Day marks the annual point when the global production of plastic waste exceeds the planet's capacity to handle it.
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The new facility will incorporate technologies such as blow moulding and cage line to manufacture IBCs.
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Eligible full-time employees of American Twisting are set to join the Novolex team after the deal's completion.
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Packaging designs are increasingly prioritising recyclability, from the selection of sustainable materials to innovative designs that simplify the recycling process.
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