Lead Pricing Analyst

About ITT:

ITT is an industrial manufacturer of critical, engineered components that serve fast-growing end markets in transportation, flow, energy, aerospace and defense. The company’s differentiation is sustained through a combination of several factors: execution, the quality of its leadership and our DNA as an engineering leader. We have a clear purpose as an organization: to provide our customers with cutting-edge solutions to help solve their most critical needs.

 The company generated 2023 revenues of $3.3 billion and is comprised of three distinct segments: 

• Motion Technologies ($1.5B revenue) is a global leader in brake pads, shock absorbers and sealing solutions for the automotive and rail markets
• Industrial Process ($1.1B revenue) is a global leader in centrifugal and twin-screw pumps for the chemical, energy, mining and industrial markets
• Connect & Control Technologies ($0.7B) is a niche player in harsh environment connectors and control components in critical applications for the aerospace, defense and industrial markets.

 ITT is headquartered in Stamford, Connecticut with over 10,000 employees in more than 35 countries and sales in approximately 125 countries.

Position Summary

The Lead Pricing Analyst is responsible for establishing profitable pricing for all ITT Aerospace Controls products based on a variety of factors. Duties include conducting market research to learn more about competitor pricing for similar products, reviewing previous sales data and company expectations and deciding a market price for a range of products based on their findings. The pricing responsibility will include legacy products, standard price list products, Long Term Agreement (LTA) contracted products, and pricing for new product development. The Pricing Analyst is responsible for evaluating incoming proposal packages and arranging or leading bid no-bid and proposal kick off meetings to communicate deliverables and timeline for completions. The position will perform collaborative work with Sales, Engineering, Product/Program Management, Finance, Supply chain and Operations groups to gather cost and other deliverables with legacy products and new product development programs. 

Essential Responsibilities

• Pricing Analysts use mathematics and statistics to understand pricing. Analyze historical pricing data from previous sales trends and competitors and report data to establish pricing.
• Determine price elasticity of products and services.
• Understands and utilizes program cost (labor and material) for both non-recurring development activities and recurring (per unit) pricing and Margin and ROI analysis
• Critique existing pricing, market pricing, and/or target pricing based on standard/estimated cost for quote closure within margin authority
• Identify and track products with poor profit margins and establish potential for price increase and participate in profit plan.
• Enhance pricing tools and process to increase productivity and achieve goals.
• Understand factors contributing to financial performance of product profitability including:Costing and Purchasing practices; Sell price determination and quoting; and Burden rates, Labor rates and their effects on profitability
• Update and maintain standard product price lists, work with Sales to update customer LTA and Contract pricing and recognize when production volumes are dropping due to obsolescence or new technology. Will work with Sales to develop and implement counter measure plans.
• Develop a working knowledge of DFAR (DoD Federal Acquisition Regulation) Preference for Domestic Specialty Metals and ITAR (International Traffic in Arms Regulations) requirements
• Will be a team member for TINA (Truth In Negotiations Act) analysis preparation and proposals.
• Develop an understanding of the varied Aerospace markets and the value ITT Aerospace Controls products bring to these markets to maximize Sales growth and optimize profits.
• Work with Contracts team to organize and requote yearly LTA contracts that have an escalation formula applied.
• Coordinate cost and pricing activity for quoting among various disciplines including Design Engineering, Purchasing, Planning, Compliance, Quality, Test Lab, Machine Shop, Shipping, etc. to ensure all deliverables associated with the product or new product development project are properly accounted for and priced accordingly.
• Participate in, or sometimes manage, multi-functional ad-hoc projects around pricing and product related business needs

Position Requirements

• Bachelor's degree in Finance, Business or Engineering from a four-year college or university; 2 years minimum professional experience.
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