The Chairman of ACL Bearing has this afternoon told the company's Launceston workers their jobs are safe.

Management told workers the Federal Government has increased a $4 million grant to $7 million to enable the company to restructure.

The ACL chairman Ivan James addressed the workers at the Rocherlea site alongside the Federal member for Bass Jodie Campbell.

Mr James outlined plans for a multi-million dollar upgrade at the car parts plant.

The Chairman told workers the grant will go a long way towards ensuring their future.

"There's no certainty in this industry of ours, we've got global competitors, we're competing with China, we're competing with India, with the USA, with Europe," he said.

One employee Mel Boxall says the grant is a welcome relief.

"Everybody sort of went home last night with a smile on their face and happy to come back to work," she said.

As part of the restructure, ACL plans to invest in world class equipment to compete with Chinese and Indian engine bearing manufacturers.

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