Today, I had an interview with a Director of Manufacturing Operations. The interview went well and he would like me to have a "Follow up meeting with the team on site". What does that mean exactly? Is it possible to have positive outcomes?
"A follow-up meeting with the team" is just another interview (or set of interviews).
A meeting with the team will probably focus a bit more on technical aptitude and/or how well you fit into the team, although I wouldn't rule any questions out here. To clarify the details of the interview, it would be best to ask the recruiter or person scheduling the interviews.
Many companies have multi-stage interviews and being invited to another one typically means you "passed" the current stage and moved on to the next one, so that's a good sign. They may still consider any feedback from earlier stages until the very end, but they wouldn't invite you for another one if any of that were a deal-breaker.
On-site interviews are typically the final stage. Although some companies may also have their final stage remotely, especially with the pandemic.
In some cases they may also invite you to another interview if they want to consider you for a different role (which they'd usually tell you) or if they haven't quite decided yet. But these are much less common and both mean you're still being considered for a role with the company.
If you're invited to have a (short) follow-up meeting, chat or catch up with a recruiter or HR, that's typically going to be a call to give you feedback about the interview and tell you whether or not they'll give you an offer or what the next steps will be, if any. If the feedback is positive, they may also ask some administrative questions like what your notice period is or when you'd be able to start.
A meeting with the team is expensive for the company: That whole team stops doing their normal job and instead meets with you. That is a good sign, it means you are a good enough candidate to justify that expense.
I'd expect that this is the very last interview stage. It could be that more than one candidate is invited to meet the whole team, maybe two or three at most, and the team will decide which one of them gets the offer, mostly depending on how much they like you. You might even be the only one, in that case you will get the job unless you mess up.