In 1910, Robert Wrisley Atkins (1889-1948), the elder son of Edwin F. Atkins had joined E. Atkins & Co. after graduating from Harvard and in 1915 Edwin's second son, Edwin F. Atkins Jr. (1892-1923) also graduated from Harvard and joined the firm.  On August 13, 1915 the Punta Alegre Sugar Co. was incorporated in Delaware with a capital of $19,100,000 with Edwin F. Atkins as president and the expectation that a third generation of Atkins would take charge of the family sugar business.  However, this concept was derailed in 1923 when Edwin F. Atkins Jr. and two of his sons died in a plane crash off Key West, FL traveling from Key West to Havana. At inception, although Edwin F. Atkins was its president, the everyday affairs of the Punta Alegre Sugar Co. were handled by Robert Wrisley Atkins who benefited from the experience and advise of the Boston investment firm of Hayden, Stone & Co. and of Eugene Van Rensselaer Thayer Jr. (1881-1937) the president of Merchants National Bank of Boston who was in charge of the company's finances. During his years as president of Punta Alegre Sugar Co., Robert W. Atkins was also president of the American Sugar Refining Co. and was a Director of the West India Management and Consultation Co.  In April 1926 Robert W. Atkins resigned to the presidency of Punta Alegre Sugar Co. and William C. Douglas representing the "Pittsburgh interests" became president, position he still held in 1953.

Central Punta Alegre was built on the land then known as the "Realengo de San Juan de Nepomuceno" that belonged ½ to Clara Font de Dalmau who had acquired it by inheritance.  In 1891, Heraclio Ochoa Echevarria acquired one fourth of the land owned by Clara Font de Dalmau and in 1909 acquired another one fourth from her heirs.  That is, Ochoa acquired one fourth in total or one half of the one half of the "Realengo de San Juan de Nepomuceno" owned by Clara Font de Dalmau which totaled  eight hundred ninety six caballerias or approximately one hundred seventy four thousand acres.  In 1913, Walter S. Maud acquired eight hundred forty three caballerias or approximately one hundred sixty three thousand acres from Ochoa and in 1915 Edwin F. Atkins under the name of Punta Alegre Sugar Co. acquired the land from Maud to build Central Punta Alegre at Punta San Juan in Camagüey Province which construction began in October 1915 and was finished in time for its first grinding season in 1916.

In 1916 the Punta Alegre Sugar Co. acquired from E. Atkins & Co. all the shares of the Trinidad Co. of NJ owner of Central Trinidad and of Cia. Azucarera Florida owner Central Florida. The Punta Alegre Sugar Co. Fourth Annual Report for the year ended May 31, 1919, reports operations of three sugar mills which combined produced 605,150 m. t. of raw sugar that year:

• Central Punta San Juan (aka Central Punta Alegre) owned 100% by the company

• Central Trinidad owned by its subsidiary the Trinidad Co.

• Central Florida built in 1915 owned by its subsidiary Cia. Azucarera Florida incorporated February 25, 1915 in Cuba   

César J. Ayala in his book American Sugar Kingdom states that in 1925 Cia. Azucarera Antilla acquired Central Presidente in Oriente Province from J. I. Lezama and soon thereafter dismantled it. It also states that the company acquired Central San Germán also in Oriente Province established ca. 1920 as Central Canarias by the Cia. Azucarera Canarias, which capacity it increased with machinery from Central Presidente. Central San Germán was sold in September, 1946 to the Sucn. de Falla Gutierrez​​ who acquired it under the name Cia. Azucarera Fidelidad S. A.

A 1925 Standard & Poor report for Punta Alegre Sugar Co. shows that the company’s wholly owned subsidiaries or companies controlled by the Punta Alegre Sugar Co. were at the time:

• Cia. Azucarera Florida - Owner of Central Florida located in Camagüey Province was a 100% owned subsidiary incorporated February 25, 1915 in Cuba 

• Cia. Azucarera Trinidad - Owners of Central Trinidad was 100% owned by Cia. Azucarera Florida, was incorporated December 6, 1920 in Cuba as the successor to Trinidad Sugar Co. of NJ which was liquidated

• Cia. Belmonte - 100% owned subsidiary, incorporated May 13, 1919 in Cuba, owned sugarcane plantations, cattle ranches, retail stores and other businesses connected with raw sugar factories

• Cia. Azucarera Baraguá S. A. - Owner of Central Baraguá located in Camagüey Province built in 1915 by a group of Pittsburgh investors, was incorporated July 22, 1922 in Cuba to acquire the assets of the Baraguá Sugar Co. of Delaware for $8.25 million

• Cia. Azucarera Canasi - 100% owned subsidiary incorporated August 7, 1922 in Cuba

• Cia. Azucarera Antilla - incorporated December 1921 to acquire Central Baguanos located in the Oriente Province, in early 1924 it acquired the assets and business of Tacajó Sugar Corp. owner of Central Tacajó,built in 1918 also in the Oriente Province, it also owned the entire capital stock of Cia. Agricola Antilla S. A. 

The Punta Alegre Sugar Co. Fourteenth Annual Report for the year ended September 30, 1929 reports operations of three sugar mills; Central Punta Alegre, Central Baraguá (owned by its subsidiary Baraguá Sugar Co.) and Central Florida (owned by its subsidiary Cia. Azucarera Florida) and investments in Caibarien Transport Co., Antilla Sugar Co., Ceballos Sugar Co. and Canasi Sugar Co.

In June 1930, Financial difficulties caused by the Great Depression resulted in the Federal Court appointment of a receiver in equity for the Punta Alegre Sugar Co. A 1931 reorganization resulted in the establishment of a new corporation, the Punta Alegre Sugar Corp. and the acquisition of some of its sugar mills by its major creditor banks. As part of this reorganization, Central Trinidad was acquired by the General Sugar Co. and the two sugar mills owned by the bankrupt Cia. Azucarera Antilla, Central Tacajó and Central Baguanos were acquired by Antilla Sugar Estate, a subsidiary of the Sugar Plantation Operating Co. Antilla Sugar Estates continued operating the two sugar mills until 1948 when they were sold to Salustiano Garcia Diaz who owned them until nationalized in 1960.

The Sixth Annual Report of the Punta Alegre Sugar Corp. for the year ended September 30, 1938 states that substantially all of its consolidated income was income earned by its subsidiaries and none of that income could be paid to the Punta Alegre Sugar Corp. and made available for dividends until all principal and accrued interest on the securities of the subsidiaries was paid according to the terms of the Plan of Reorganization of Punta Alegre Sugar Corp.’s predecesor the Punta Alegre Sugar Co. and its wholly owned subsidiary Cia. Azucarera Baraguá S. A. It also makes reference to the terms of the agreements under which the securities if its subsidiaries Cia. Azucarera Punta Alegre S. A. and Cia. Azucarera Florida were issued.

In 1948, the mill and related assets owned by Cia. Azucarera Florida were acquired by Baruguá Sugar Estates. For tax purposes three new subsidiaries were incorporated in New York, Punta Alegre Industrial Corporation of NY, Baraguá Industrial Corporation of NY and Florida Industrial Corporation of NY. These three corporations leased Central Punta Alegre from Cia. Azucarera Punta Alegre S. A. and Central Baraguá and Central Florida from Baraguá Sugar Estates and purchased the movable machinery and equipment used by each.

On May 31, 1951 Punta Alegre Sugar Co. sold the Compañia Azucarera Punta Alegre S. A. which owned Central Punta Alegre and certain assets of the Punta Alegre Industrial Corp. of NY, the subsidiary that leased the mill, to the Sucn. de Falla Gutiérrez who operated it under it under the  name Compañía Azucarera Buenavista S. A.  At the same time Punta Alegre Sugar Corp. acquired certain assets of the Caribbean Sugar Co. and its affiliate Compañia Agricola Yaguabo, transaction that involved the acquisition of Central Macareño and its related properties. In its 1953 Annual Report, the Punta Alegre Sugar Corp. operated Central Florida, Central Baraguá and Central Macareño all in Camagüey Province.  

In 1959 the Punta Alegre Sugar Corp. and its three sugar mills were nationalized by the Fidel Castro regime.  When the Fidel Castro regime expropriated the properties of the Punta Alegre Sugar Corp., the company had some $3.5 million in securities and a tax loss carry forward of around $16-17 million.  The company continued to operate in the US diversifying its holdings.  In 1963 they entered the textile business by acquiring Crown Fabrics, which business they expanded in 1965 with the acquisition of Knitcrest Mills.  In 1964 it merged with the Bangor and Aroostock Railroad of Maine and the corporate name changed to Bangor Punta Corp. which operated until 1984 when it was sold to Lear Siegler, Inc.