Does anyone know how to save embedded color profiles?

I am working on a file from a printer and they have their own color profile already embedded in the file. If I want to assign this unique color profile to new files that I am working on, is there a way to do this? In the past I simply dragged/dropped the new file onto the existing one and it converted it to the printer's color profile for me, but is there a better way to accomplish this? Thanks...