Lenovo Chairman Yang Yuanqing says the world’s No. 4 ranked PC manufacturer is still looking to make acquisitions as part of a strategy to build worldwide market share.

In an interview with Bloomberg news, Yang said the Morrisville-based company wants to move back ahead of Taiwan-based rival Acer, which is No. 3. HP and Dell rank 1-2 in worldwide sales by a wide margin.

Acer vaulted past Lenovo when it acquired U.S.-based Gateway. That deal also gave Acer the right to buy European-based Packard Bell since Gateway had a right of first refusal if Packard Bell was sold. Lenovo had made a bid for Packard Bell as part of its own global strategy.

“We are not satisfied with our current market share and global ranking,” Yang said in an interview with Bloomberg Television. “I believe there will be further consolidation in the industry and we hope to seize the opportunity” to buy, he added.

To grow the company is top priority right now, he added.

“The most important thing is growing our market share, more than making money,” Yang said.

However, Lenovo won’t compromise on quality in building machines, he explained.

“Because of our Chinese heritage, it’s easy for people to think we make low-price and low-quality products,” Yang said. “We want to be known for innovative and high-quality products and if we enter the low-end PC market aggressively now, it will damage our image.”

Lenovo recently unveiled two lines of laptops that are hardly low end – a very light, feature-packed machine that can cost more than $3,000 and mini-laptops that price around $1,800.

The fact Lenovo is looking to grow through acquisition is hardly new. Lenovo is also stepping up efforts to increase sales to consumers outside of China, where the firm was born and still bases most of its operations.

Lenovo recently opened a distribution center in North Carolina’s triad and is building a manufacturing plant in Poland.

According to Bloomberg, Lenovo has more than $2.2 billion in cash and equivalents.

A possible takeover target is Fujitsu Siemens Computers, an analyst told Bloomberg.

Lenovo acquired IBM’s PC business, which was largely based in the Triangle, in December of 2004 and built its international headquarters in Morrisville.