One of the main characteristics of engineer-to-order (ETO) manufacturing companies is that they are project organized and, by definition, each project is a unique endeavor [1]. The implication of this characteristic reflects in that most of the ETO companies apply own execution strategies to their projects. However, these strategies do not always fit the complexity of ETO projects that usually are phase-based managed and involve several participants in each of the phases. This research paper proposes a new categorization of ETO companies based on the project execution strategy applied by our case companies. The scope of such categorization is to support practitioners in defining their strategies for managing ETO projects.