Components maker CMI Industrial has scheduled to close its factory in Ballarat in November due to a buyer pulling out.
The Australian Manufacturing Workers Union had been in talks with the factory's receivers.
“We've worked through a range of scenarios and options, but none of which came to fruition,” said AMWU Victorian assistant secretary Leigh Diehm told The Australian.
“We call on the state government to recognise that people are still losing their jobs in manufacturing and that the crisis is not over.”
The ABC reports that the AMWU believes this is another example of manufacturing moving elsewhere from Australia.
“Our fear is that this machinery will be going overseas and unfortunately the good jobs that have been done in Ballarat for quite some years now will be done overseas in India,” said Diehm.
The federal government has said it will ensure workers get their entitlements.
Two other CMI factories in Victoria will close this month. The company also manufactures components for water storage, transport and whitegoods.