SAN JOSE -- If you've been watching the Olympics, you saw this coming. Backed by a heavy sponsorship of the Turino games, Lenovo Group Ltd., the former PC arm of IBM, on Thursday said it will roll out its first series of computers under its new name and aimed at North America. The products include desktops priced at $349 and notebooks starting at $599 and targeted at small businesses and consumers. These are the same markets IBM bailed out of in the 1990s.

Lenovo is the world's third-largest computer maker, beind Dell and HP. The China based company purchased the division from IBM last May.

Research firm IDC pegged Lenovo's fourth quarter market share at 7.2%, trailing Dell (17.2%) and HP's (15.7 %). Lenovo had approximately $13 billion in revenue last year.