He will meet with union representatives tomorrow (13 January) to discuss the plant's future and has also asked business secretary Vince Cable to investigate the proposal.
Print giant Polestar recently announced a number of changes across all of its plants, including the closure of Colchester, which could result in 300 employees being made redundant.
Russell told BBC Look East: "This is a national company under new ownership in a relatively recent time. What I hope is this is a national overview and they come to the conclusion that with a skilled loyal workforce, it shouldn't close."
Unite national officer Steve Sibbald, one of the representatives that will meet with Russell, said he was delighted when the MP requested the meeting.
He said: "Obviously we will be very happy to hear what he has to say, which hopefully he will feed back to Vince Cable.
"We will be investigating any ways and means to negotiate keeping a presence in Colchester. But, from a union point of view, that won't be at any cost. Ridiculous proposals from the company will not be accepted."
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