(In second paragraph, corrects to say Philips had learned of a safety incident reported by consumers)
* Philips to recall several million hair dryers
* Safety concerns uncovered at Korean facility
* Company says costs of recall not material
(Adds more details)
AMSTERDAM, May 31 (Reuters) - Dutch electronics group Philips Electronics (PHG.AS) (PHG.N) said on Tuesday it was recalling several million hair dryers due to safety concerns, but the costs of the recall will not have a material impact. Company spokesman Steve Klink said Philips had learned of a safety incident reported by consumers in Korea and an investigation had uncovered a faulty component that could potentially result in the device overheating if left plugged into an electrical socket.
"This poses a potential hazard, such as fire, even when the appliance is switched off and not in use," Philips said in a recall statement posted to one of its regional websites.
Klink said the company was recalling five types of foldable hairdryers made between 2006 and 2011 and sold globally but described the safety risk as "very low".
The recall and replacement will be conducted in the coming weeks and although Philips would not disclose the costs of the operation, Klink said the company did not expect any material impact and that this was "a precautionary recall".
Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer. (Reporting by Aaron Gray-Block; Editing by Greg Mahlich)