Lenovo is taking aim at the world’s No. 3 PC market – Brazil.

In its drive to become the world’s No. 1 PC manufacturer, Lenovo said Thursday it would invest $30 million and build a new manufacturing plant in Sao Paulo.

The facility is expected to open later this year. As many as 700 people could be working there in two years.

The move into Brazil is one well telegraphed by Lenovo, although over the past couple of years speculation has centered on the possible acquisition of a Brazil-based based company. Brazil ranked third in the world in PC sales in 2011.

Instead, Lenovo is investing in a manufacturing and distribution center that will produce machines for both consumers and businesses.

“Today’s announcement represents the first step in a bold, long-term plan that will encompass both organic and inorganic growth strategies, with a goal to more than double our market share in Brazil,” said Dan Stone, a Lenovo vice president and who is country general manager in Brazil – a new position.

“This new, state-of-the-art manufacturing and distribution center will give us the greater flexibility and efficiency needed to deliver a full range of exceptional and competitively priced personal computing products to a wider range of customers. It will position Lenovo to grow faster than the overall market in Brazil and match our successful track record around the world,” he added.

Lenovo has set its sights on toppling HP as the world’s No. 1 PC manufacturer, perhaps as early as this year.

The company operates its executive headquarters in Morrisville. 

[LENOVO ARCHIVE: Check out six years of Lenovo stories as reported in WRAL Tech Wire.]