New York (CNN) Coming soon to China: A factory where robots will build robots.

Swiss firm ABB Group plans to build a $150 million "Factory of the Future" in Shanghai, it said in a statement Saturday. It will become the most high-tech robotics manufacturing site on the planet, the company said. The plant is slated to open in 2020.

ABB Robotics produces industrial robots that can be moved to other factories to take on tasks like building cars, assembling electronics or making food.

The Shanghai factory will host artificial intelligence research, and humans will work alongside robots.

The company's YuMi robot , a two-armed headless device designed to work with people, will be put to use on the factory floor.

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