awk     '$1=="=" {header = header M1 "|"        # if "=" encountered, use "dragging" copy, i.e. last line's $1
                  row = row "|"                 # insert "|" separator into row
                  next                          # no further action on this line
                 }
                 {row = row " " $1; M1 = $1}    # collect everything into row; keep a "dragging" copy of $1 in M1
         END     {gsub (/ [^ ]*\| /, "|", row)  # remove header fields from row
                  sub  (/^\|/, "", row)         # remove leading "|" from row
                  sub  (/\|$/,"", header)       # remove trailing "|" from header
                  print header; print row}      # print it
        ' file
LAC|DN|EQN|CAT|OPTRCL|TRARSTR|LNATT|COS
040|24001001|920- 2- 0- 1|MS|3|ACTTRACL TRACLACT TRACLMOD|PB|CLIP

awk     '       {tot = tot " " $1}                      # collect everything into one long line
         END    {gsub (/ [^ ]* =/, "|&", tot)           # separate entries by "|"
                 n = split (tot, Ar1, "\| ")            # split line by "|", remember field count
                 for (i=2; i<=n; i++)                   # every field but first (artificial, empty field)
                        {split (Ar1[i], Ar2, " = ")     # split into header/row part
                         head = head (i>2?"|":_) Ar2[1] # and create header 
                         row  = row  (i>2?"|":_) Ar2[2] # and row (both avoiding leading "|")
                        }
                 print head; print row                  # print both
                }
        ' file