Lenovo Chairman and CEO Yang Yuanqing spelled out an aggressive strategy to make the company No. 1 in the global server market once the $2.1 billion deal for IBM’s x86 business closes on Wednesday.

Yang is aiming for $5 billion in revenue and profitability in one year.

In a media conference call early Monday after Lenovo announced the closing date, Yang celebrated what he called “another historic day.” When the deal closes Wednesday after months of regulatory approval processes in the U.S., China and Europe, Lenovo will become the No. 3 seller of servers behind HP and Dell. IBM was in third place by itself, although its market share and revenues have fallen in recent quarters.

Lenovo already had its own server business and also partners with EMC on some machines.

Lenovo will based the combined Lenovo-IBM server business at two recently renovated buildings in RTP.

The group will be led by Gerry Smith, Executive Vice President of Lenovo Group and President of Enterprise Business Group and Americas Group

In prepared remarks, Yang spelled out his strategy for growth and his confidence that Lenovo will capitalize on this deal as it did in 2005 when it purchased IBM’s PC business for $1.25 billion. Lenovo turned that deal into the key building block in building the world’s top-selling PC company.

Yang’s remarks as provided by Lenovo based on a transcript of the call:

“Big Plans for Servers”

“To close this acquisition, we have worked closely securing approvals with a number of regulatory bodies. We have built trust and understanding in this process. These successful reviews are even more proof that Lenovo is a transparent and reliable global company.

“Lenovo has big plans for servers. Gerry will talk more about this in a few minutes. But now we definitely have even more capability to win around the world. The System X business gives Lenovo a global brand known for innovation capability. We know building a great brand is critical, and now we have one of the best.

“And this brand was built by more than 6,000 highly skilled talents, who will now bring to Lenovo world-class knowledge and deep experience in enterprise. They have created more than 1,100 patents that become part of our rich IP portfolio. And they will join us from a network of 34 R&D and 7 manufacturing facilities. This creates a global enterprise product R&D and production platform across Beijing, Shanghai, Yokohama, Raleigh, Silicon Valley, Taipei and Brazil.

“We have a clear plan to reach our goal of $5 billion in revenue, with profitable growth, in 1 year:

“First, we will ensure a smooth integration of the IBM business and its talented team.

“Second, we will make sure that our existing customers have a seamless transition. I am confident that our leaders – Gerry Smith who runs the overall enterprise business, and Adalio Sanchez, who has been the long-time leader of the IBM x86 business – can achieve this.

“Third, we will leverage our unique competitive advantage. With Lenovo’s operational excellence and efficiency, we can beat ODM/OEM competitors. Meanwhile, with IBM’s reputation, quality and innovation, we can win against top name brands.

“Finally, we will expand our geographical reach. Especially in China and other emerging markets, which are already our strongholds, Lenovo can quickly realize hyper growth.

“With the principles of trust, respect and compromise, we will unite our teams. And with our proven formula — a clear strategy, innovative products, operational excellence and a diverse global team and culture – I am confident we will win in the market again.

“To add some color to today’s pure enterprise business announcement, I also want to share a sneak preview of our products, regarding our PC and tablet business. Just next week we plan to announce some new members of our Yoga PC and tablet family. They are all very innovative and stylish, we believe they will become very popular presents for the holiday season.”