It's not always easy to keep a neat and tidy house.

Storage giant EMC (NYSE: EMC) is living that lesson today. After a spate of recent acquisitions, EMC has decided to organize a couple of them under an international holding company. The idea is to give the new Bus-Tech and Isilon subsidiaries the tools to do sales on a global level, while also establishing their operational independence from EMC itself.

This is all well and good and brings back memories of how virtual computing division VMware (NYSE: VMW) always was allowed to march to its own drum before getting partially spun back out on the open market. But it also comes with a $90 million noncash charge for the reorganization move. As a result, EMC's fourth-quarter guidance moved the generally accepted accounting principles earnings target for fiscal 2010 down from $0.91 per share to $0.87 per share. The GAAP tax rate also moved up from 20% to 24%.

Not to worry -- all Wall Street analysts care about is non-GAAP numbers, none of which are affected at all by this charge. That's why the stock is up on a generally gloomy market day today.

Accounting shenanigans aside, EMC is clearly working hard to make the most of its acquisitions, some of which came through hard-nosed competition with rival NetApp (Nasdaq: NTAP). Growth by acquisition is a time-tested strategy that has made Oracle (Nasdaq: ORCL) and Hewlett-Packard (NYSE: HPQ) into the multifaceted giants they are today, so EMC is treading in well-worn footsteps.

Add EMC to your Foolish watchlist to keep close tabs on how those integration efforts are working out and where EMC is going next.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. VMware is a Motley Fool Rule Breakers recommendation. The Fool owns shares of Oracle. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.