The Warrnambool Cheese and Butter Factory Company Ltd, more commonly known as the ACME factory, is historically and socially significant at the Local level as the site of the second cooperative butter factory in Victoria. The site is important for its development of the original ACME dairy dating from 1886, and the current sinage testifies to this historic link. Technologically the site is important for its role in developing a simple pasteurising process from this early date. More recently it is important for its role in the development of the Ultra Heat Treated Long Life Milk. Other technological firsts include a steam powered mechanical butter worker developed in 1890 and the Dobson steam hoist. The site has little architectural interest apart form the strong lines of the front pediment announcing the company.