Workers at Tasmanian car parts maker ACL Bearing have downed tools for the last time after the company's long period in receivership.

The Launceston factory, which began life as Repco in 1937, has been in receivership since 2009.

The critical blow came with the demise of Ford, a key customer for ACL, which will close its Australian operations in 2016.

In 1966, Sir Jack Brabham drove a Repco engine, designed and built in Launceston, to victory in the Formula One World Championship.

Motor racing commentator Barry Oliver said it was a showcase to the world.

"It really put Australia on the map in terms of being able to come up with a design to take on the best in the world," he said.

Since then, the company has employed more than 6,500 people in Launceston and supplied Ford, Holden, Toyota and Mitsubishi.

But in the past decade a reduction in Australia's car manufacturing and the global financial crisis have forced the company to shed workers.

A multi-million-dollar Federal Government bailout was not enough to keep the company going.

Production has now finished and tomorrow the final 136 jobs will go.

Most ACL workers will return on Tuesday to apply for the Federal Government's entitlements scheme.

A few will help strip equipment from the plants over the next few week, marking the end of another component from Australia's shrinking car industry.

The car driven by Sir Jack Brabham when he claimed the 1966 world championship had an engine designed and built at ACL. ( AFP )

Long-term workers hit hardest

Long-serving workers expect it to be a tough goodbye. Many at the factory worked alongside direct family members or extended kin.

Bob Salt left the close-knit workplace in 2011 and predicted plenty of sadness for departing workers today.

ACL snapshot Workforce at its peak: up to 730 employees Average length of service: 20 years 1965 - Original Automotive Components Limited acquired by Repco 1986 - ACL Group acquires several businesses from Repco 2009 August - Company goes into voluntary administration and then on the same day goes into receivership, 110 jobs lost 2010 - Further 20 workers sacked 2011 - Another 35 workers sacked 2013 April - Receivers offer business for sale July - Receivers announce the business will close 2014 June - Doors close, final 136 workers sacked

"[It's] difficult, a lot of people have left in the last couple of years. It's like family, ACL," he said.

"It's going to be difficult to a certain extent, the economy is not as well as it could be going, but hopefully everyone will find opportunities."

ACL worker Paul Hill noted that the future would be especially difficult for the long-term employed.

"They haven't been in the work environment anywhere else," he said.

"They've just known ACL."

Maree Tetlow, from the Launceston Chamber of Commerce, said the absence of so many paypackets would deliver a significant blow to Launceston's economy.

"We estimate that's worth $5.5 million in wages lost to the region so it'll obviously have an impact on the economy," she said.

The receivers are negotiating with companies around the world to buy ACL Bearing's equipment, processes and name.