Keppel Prince has been forced to lay off 42 workers due to uncertainty over future work.
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Steve Garner, the executive director of the Portland-based engineering company, said it was with a heavy heart he accepted 20 voluntary redundancies and made a further 22 positions redundant on Wednesday.
"We were able to get 20 voluntary redundancies but we've been forced to make another 22 positions redundant," Mr Garner said.
He said the company was doing all it could to support the employees who had been made redundant.
"It's a very hard day, we consider ourselves to be a family business," Mr Garner said.
"We're doing everything we can to support every one and people realise that as a company we have been doing everything we can."
Mr Garner expressed his shock last month after the contract to build 52 towers for the Ryan Corner wind farm near Port Fairy went to an overseas company.
"I'm pissed," he said at the time.
The future of about another 100 employees hangs in the balance as Keppel Prince awaits the decision on which company will win the contract for the Woolsthorpe wind farm.
"We're hopeful to get another contract, to secure something within the next few months," Mr Garner said.
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On Monday night federal government Senator Raff Ciccone spoke about the future of Keppel Prince in parliament.
He said he was concerned about the future of employees at Keppel Prince.
"We often hear a lot in this place and places like it all throughout the country of the great virtues of renewable energy," Mr Ciccone said.
"Wherever you might stand on the question of Australia's future energy mix -should it be predominated by coal, gas, solar, or dare I suggest nuclear-- it is not my intention to debate that topic tonight.
"I would hope that those on both sides of this chamber would agree that regardless of what method of electricity generation we are talking about, the importance of ensuring that there are opportunities for Australian workers in this industry is paramount."
Mr Ciccone said workers were facing a "terribly uncertain future".
"Whilst Australian producers of all types languish, locked out of the Chinese market, in Australia the government continues to roll out the red carpet to discount steel made by overseas workers on lower wages with substandard conditions.
"Ultimately, those who will pay the price are the workers at Keppel Prince whose jobs are at risk."
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