awk '
BEGIN           {SRCH="NEW (PRODUCT|ITEM), VERSION 1.1"
                }

function        PRT()   {printf "\n"
                         for (i=1; i<=VMAX; i++)
                                {for (j=1; j<=FCNT; j++)
                                        printf "%s\t", PRTARR[FSQ[j],i]
                                 printf "\n"
                                }
                         delete PRTARR
                        }

$0 ~ SRCH       {if (NR > 1) PRT()
                 print
                 getline
                 print
                 VMAX = 0
                 FCNT = 0
                 next
                }

/^"PROD/        {next
                }

/^FIELD/        {IDX = $1
                 VCNT = 0
                 printf "%s\t", IDX
                 FSQ[++FCNT] = IDX
                 next
                }

IDX             {PRTARR[IDX,++VCNT] = $1
                 if (VCNT > VMAX) VMAX = VCNT
                }

END             {PRT()
                }
' file
"NEW PRODUCT, VERSION 1.1"
PRODUCT_01
FIELD_X FIELD_Y
11.11   22.22
11.22   22.33
11.33
11.44
"NEW PRODUCT, VERSION 1.1"
PRODUCT_02
FIELD_X FIELD_Y FIELD_Z
33.33   44.44   55.55