Electro Scientific Industries Inc. (ESI) (www.esi.com), a manufacturer of photonic and laser instruments, announced that it has agreed to purchase New Wave Research Inc. (www.new-wave.com) for $36 million. ESI said the sale price is roughly equivalent to New Wave’s current annual revenue. Founded in 1990, New Wave is based in Fremont, Calif., manufactures laser-based systems and components, and specializes in sapphire wafer scribing and laser micro-machining. ESI said that the transaction should close within 30 days. Established in 1944, ESI is headquartered in Portland, Oregon.