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You can save the assy as a shrinkwrap and choose the 'merged solid' option. You can't modify the geometry of the new part, but this can be a useful function (depends what you want to use it for). Hope this helps.
Follow below steps:
1. Retrieve an assembly, select a part, and click Edit > Activate.
Note: The Merge feature will be created in the selected part.
2. Select a second part in the assembly as the reference model from which geometry will be copied and click Insert > Shared Data > Merge/Inheritance. The Merge dashboard appears with the reference model selected by default. You can replace the reference model by selecting a different part from the Model Tree or graphics window.
3. Define the Merge feature properties as follows:
—Add (default) or remove material geometry.
—Set reference type to assembly context (default).
—Set reference type to external (create an external Merge feature).
Click References to define the following options:
Edit—Control propagation of annotation features.
Copy Datums—Toggle datum copying from the original feature to the Merge feature.
Note: You can copy datums only if the Dependent option is active. If the feature is independent, no datums are copied. Datums may be refited with existing geometry only.
Click Options to define the following:
Dependent—Make the Merge feature dependent (default) or independent of the reference model. Dependent features update when changes are made in the reference part. An independent Merge feature will not update when the reference part is modified.
Note: If a Merge feature is independent, you cannot externalize the feature.
Click Properties to change Merge feature name.
Hope this is helpful.
Not only will the two prior methods work, but you may also save the assembly as an IGES file and then import the IGES file back into ProE. It will ask you if you want to import the IGES as a part or as an assembly, choose part though it is my experience that the IGES still only make as single part, choosing assembly only embeds the part one level deeper. This method can work to hide internal components (possibly company IP) but still providing externally accurate models for publication.