Coinstar Inc. just got a bigger chunk of change from its second-largest customer, Albertsons Inc.
The two companies have signed a multi-year agreement for Coinstar to install its coin-counting kiosks and to provide other services to the supermarket/drug store chain.
"Albertsons is a long-standing customer, and we're delighted that they are renewing the relationship and expanding their commitment by adding additional services, new geographies, and new channels of distribution," said Rich Stillman, president of Coinstar, in a release. "We look forward to strengthening our partnership with Albertsons to generate more revenue for them, while increasing value to our shareholders."
Over the next 14 months Coinstar will install its machines in an estimated 400 Albertsons' drug stores, namely Osco Drug and Sav-on, and at 200 Albertsons supermarket sites. Coinstar's kiosks already serve more than 1,400 Albertsons grocery locations. Coinstar previously announced an agreement to install kiosks in 250 additional locations for the Ahold USA supermarket chain.
Coinstar owns and operates the only nationwide network of supermarket-based kiosks that offer coin counting and other electronic services. The company has more than 10,000 machines linked by a sophisticated interactive network throughout the United States as well as in Canada and the United Kingdom.