Documents issued to workers this week revealed proposals to specialise in the crane market after a recent dip in the bridge and structure building industry.
Bosses are considering making 76 of the 116-strong workforce redundant between February and April this year.
The company, established in 1790, remains one of Ripley's largest employers.
In its history the engineering firm has designed and built some of the world's most famous structures such as the Falkirk Wheel and much of London's St Pancras Station.
A breakdown of proposed redundancies show that 55 of the 57 production staff would go, along with cuts in most other departments.
Those facing the axe are expected to work their notice period before receiving a statutory redundancy sum and company supplement.
One worker in the production staff, who would almost certainly be made redundant if plans went ahead, said: "The workers feel bitter and betrayed.
"It was only a year ago we were promised work and that money would be invested in the business.
"After all the company has made and achieved over the years it seems wrong to stop making structures.
"If the owners can't make a profit why don't they sell rather than kill the business? There are men being let go who are of a certain age who won't be able to find another job."
Amber Valley MP Judy Mallaber was horrified at the news.
She said: "I am appalled at the idea that we may be losing a company which has such a proud history in manufacturing and construction in our area.
"I am going to ask why this is happening and if it's just about making money out of the land. I am speaking with the unions involved and I will support the workforce in whatever way I can."
Mel Myronko, director and general manager at Butterley Engineering, said the company was in the consultation process with unions but confirmed that redundancies are likely.
He said: "The bridges and structures market has not faired well over the last five years.
"We are a crane company by tradition and we need to focus on a market that is showing returns.
"We are looking to the future and part of our business is not producing anything like the returns that it should.
"We have massive factories and we don't utilise all workers fully.
"It is a financial decision. If we could stay in the structure market then we would.

Story by Richard Woolley