Submanifolds of products of space forms

We give a complete classification of submanifolds with parallel second fundamental form of a product of two space forms. We also reduce the classification of umbilical submanifolds with dimension $mgeq 3$ of a product $Q_{k_1}^{n_1}times Q_{k_2}^{n_2}$ of two space forms whose curvatures satisfy $k_1+k_2 eq 0$ to the classification of $m$-dimensional umbilical submanifolds of codimension two of $Sf^ntimes R$ and $Hy^ntimes R$. The case of $Sf^ntimes R$ was carried out in cite{mt}. As a main tool we derive reduction of codimension theorems of independent interest for submanifolds of products of two space forms.