Don't bother telling Lenovo that the global economy is slowing down and now might not be the best time to go on a spending spree. The OEM knows the situation, and maybe a weak economy is exactly the reason China's largest PC maker is now looking to expand by acquiring other companies.

"Although we remain cautious, it is time for us to take on another challenge," said Won Wai Ming, Lenovo's CFO. "We've seen valuations go down in this market, which presents us with opportunities to grow either by acquisition or partnership."

Lenovo, the fourth largest PC maker on the planet, appears to be targeting the consumer section of Fujitsu Siemens Computers. According to earlier media reports, Siemens is looking to sell its stake in the joint venture, which in turn would have Fujitsu shopping around its end-customer business (Fujitsu's reportedly only interested in its commercial customers business). Should this all come to fruition, Lenovo, who's built up net cash reserves of $1.8 billion, would be in a position to pounce.

That is unless Acer again brings its wet blanket to the Lenovo party. 

Image Credit: Flickr lenovophotolibrary