Lenovo is celebrating a solid set of quarterly results with revenue up 20 percent to $4.4 billion and its profit, before tax and restructuring costs, almost tripled compared to the same quarter a year ago to $125 million.

The Chinese PC maker, which is battling Acer for the third-place ranking in global PC sales, claims it is seeing steady growth in every market driven by its notebook lineup. After closing the deal to buy IBM's struggling PC business in 2005, Lenovo announced it would have the right to use the IBM logo on ThinkPads and some desktops for several years following.

However, it appears that the company is ready to ditch the IBM brand two years earlier than planned and will switch completely to the Lenovo brand instead. To kick-start this initiative, the Chinese company will use its co-sponsorship of next year's Beijing Summer Olympics to move to the Lenovo brand. You can read the full press release here.