In 1960, with the help of a new team, Shockley brought his own diode to serial production, but time had been lost, and competitors had already come close to the development of integrated circuits. Beckman sold the unprofitable Shockley Labs to investors from Cleveland. On July 23, 1961, Shockley was seriously injured in a car crash, and after recovery left the company and returned to teaching at Stanford. In 1969, IT&T, the new owners of Shockley Labs moved the company to Florida. When the staff refused to move, the lab ceased to exist.